The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 524 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Regional Rural Banks (Amendment) Act, 2015 (Act No. 14 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE REGIONAL RURAL BANKS (AMENDMENT) ACT, 2015 AN ACT further to amend the Regional Rural Banks Act, 1976. BE it enacted by Parliament in the Sixty-sixth Year of the Repu blic of India as follows:— 1.(1) This Act may be called the Regional Rural Banks (Amendment) Act, 2015. (2) It shall come into force on such date as the Central Government ma y, by notification in the Official Gazette, appoint a nd different da tes may be appointed for differ ent provisions of this Act. 2.In the Regional Rural Banks Act,1976 (hereinafter referred to as the principal Act), in section 3, in sub-section (3), in clause (c),— (a) the words ‘‘during the first five years of its functioning’’ sha ll be omit ted; (b) the proviso shall be omitted. 3.In the principal Act, in section 5,— (a) for the words ‘‘five crores of rupees divided into five la khs of fully paid-up shares of one hundred rupees each’’, the words ‘‘two thousand crore of rupees, divided into two hundred cr ore of fu lly pa id- up sha res of t en rup ees each’ ’ shall be substituted; (b) in the proviso, for the wor ds ‘‘twenty-five lakhs of rupees, and the shares shall be, in all cases, fully paid-up shares of one hundred rupees each’’, the wor ds‘‘one cr ore of rupees, a nd the sha res sha ll be, in all cases, fully paid-up shares of ten rupees each’’ shall be substituted. 4.In the principal Act, in section 6,— (a) in sub-section (1), for the wor ds ‘‘t went y-five la khs of rupees or exceed one crore of rupees’’, the words ‘‘one crore of rupees’’ shall be substituted; (b) in sub-section (2), the following provisos sha ll be inserted, namely:— ‘‘Provided that in case the Regional Rural Bank raises its capital from sources other tha n the Centra l Government or the State Gover nment or the Sponsor Bank, the shareholding of the Centr al Government and the Sponsor Bank shall not be less than fifty-one per cent.: Provided fur ther that the Central Government shall consult the concerned State Government if the level of sha reholding in the Regional Rural Bank of such Sta te Government is r educed below fifteen per cent.’’; (c) after sub-section (2), the following sub-section shall be inserted, namely:— 21 of 1976. Amendment of section 5. Amendment of section 6.Amendment of section 3. Short title a nd commencement Ex-524/20152 ‘‘(2A) The Central Government ma y, in consultation with the Sponsor Ba nk and the State Government, by notification, either raise or reduce the limit of shareholding of the Central Government, the State Government or the Sponsor Bank specified in sub-section (2): Provided that the Central Government shall consult the concerned State Government before reducing the limit of shareholding of such State Government.”; (d) in sub-section (3), after the words, brackets and figure ‘‘as is specified in sub-section (2)’’, the wor ds, brackets, figure and letter ‘‘or, as the ca se may be, notified by the Central Government under sub-section (2A)” sha ll be inserted. 5.In the principal Act, in section 9, in sub-section (1),— (a) in clause (a), the following proviso shall be inserted, namely:— ‘‘P rovided that no person shall be nomina ted as a director, if he is already a director on the Board of any ot her Regional Rural Bank;’’; (b) after clause (e), the following clause shall be inserted, namely:— ‘‘(f) such number of directors elected by the sha reholders other than the directors nominated by the Central Government, the State Government, the Sponsor Bank and other institutions owned or controlled by the Central Government or the State Government, whose na mes a re ent er ed i n t he r egi st er of shar ehol der s of t he Regional Rural Bank at least ninety da ys before the da te of the meeting in which the election of directors ta kes place on t he following basis, namely:— (i) where the total amount of equity share capital issued to such shareholders is ten per cent. or less of the total issued equity capital, one director shall be elected fr om su ch shar eholders; (ii) where the total amount of equity share capital issued to such shareholders is more than ten per cent. but less than twenty-five per cent. of the total issued equity capital, two directors shall be elected from the shareholders including the shareholders referred to in sub- clause (i); (iii) where the total amount of equity share capital issued to such shar eholders is twenty-five per cent. or more of the total issued equity capital, thr ee directors sha ll be elected fr om the sha reholders including shareholders referred to in sub-clauses (i) and (ii).”; (c) after sub-section (2), the following sub-section shall be inserted, namely:— ‘‘(3) The Central Government may appoint an officer of the Central Government on the Board of Regional Rural Banks, if it considers necessary for the purposes of effective functioning of the Regional Rural Banks.”. Amendment of section 9.Ex-524/2015 3 6.In the principal Act , for section 10, the following section sha ll be substituted, namely:— ‘‘10. A director nominated under clause (a) of sub-section (1) of section 9 shall hold office dur ing the pleasure of the Central Government and for such term, not exceeding thr ee yea rs, fr om the date on which he assumes his office, as the Central Government may specify at the time of his nomination and shall be eligible for renomination: Pr ovided tha t no such director sha ll hold office eit her continuously or intermittently for a per iod ex ceeding s ix yea r s.”. 7.In the principal Act, in section 19, in sub-section (1), for the figu res, lett ers and wor ds ‘‘3 1st day of December ’’, t he figu res, let ters and words ‘‘31st day of March’ ’ shall be substituted.Substitution of new section for section 10. Term of office of dir ector. Amendment of section 19. Ex-524/20154 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 525 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (No. 2) Act, 2015 (Act No. 15 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE APPROPRIATION (No. 2) ACT, 2015 AN ACT toauthorise payment andappropriation of certain sums from andout of the Consolidated Fund of India for theservices of thefinancial year 2015-16. BE it enacted by Parliament in the Sixty-sixth Yea r of t h e Republic of India as follows:— 1. This Act may be called the Appropriation ( No. 2) Act, 2015. 2.From and out of the Consolidated Fu n d o f I n d i a t h er e m a y b e p a i d and applied sums not exceeding those specified in column 3 of the Schedule amounting in the aggregate [inclusive of the sums specified in column 3 of the Schedule to the Appropriation (Vote on Account) Act, 2015] to the sum of sixty-two lakh three thousand five hundred ninety-seven crore and sixty-four lakh rupees towards defraying the several charges which will come in the course of payment during the financial year 2015-16 in respect of the services specified in colu mn 2 of the Schedule. 3.The sums authorised to be paid and applied from and out of the Consolidated Fund of India by this Act shall be appropriated for the services and purposes expressed in the Schedule in relation to the said year. 4.References to Ministries or Departments in the Schedule are to such Ministries or Departments as existing immediately before the 23rd December, 2014 and shall, on or after that date, be construed as references to the appropriate Ministries or Departments as recon stitut ed from time to time.Issue of Rs. 6203597,64,00,000 out of the Consolidated Fund of India for the financial year 2015-16.Short title. Appr opriation. Construction of references to Ministries and Departments in the Schedule. 8 of 2015.2 Ex-525/2015 THE SCHEDULE (Seesections 2, 3 and 4) 123 No.of VoteService and purposes Sums not exceedingVoted by ParliamentCharged on the Consolidated FundTotal3 1Department of Agriculture and Cooperation ... Revenue 16959,36,00,000.. 16959,36,00,000 Capital44,99,00,000..44,99,00,000 2Department of Agricultural Research and EducationRe ve nue6320,00,00,000.. 6320,00,00,000 3Department of Animal Husbandry, Dairying and FisheriesRe ve nue2120,22,00,000.. 2120,22,00,000 Capital15,94,00,000..15,94,00,000 4Atomic EnergyRe ve nue7583,51,00,000 1,00,00,000 7584,51,00,000 Capital4500,43,00,000 50,00,000 4500,93,00,000 5Nuclear Power SchemesRe ve nue4168,65,00,000.. 4168,65,00,000 Capital691,00,00,000..691,00,00,000 6Ministry of Ayurveda, Yoga and Naturopathy, Unani. Siddha and Homoeopathy (AYUSH)Re ve nue1197,00,00,000..1197,00,00,000 Capital17,00,00,000..17,00,00,000 7De par tme nt of Che mic als a nd Petroc hemica lsRe ve nue223,15,00,000..223,15,00,000 Capital32,03,00,000..32,03,00,000 8Department of FertilisersRevenue 77097,76,00,000.. 77097,76,00,000 Capital50,04,00,000..50,04,00,000 9Department of PharmaceuticalsRe ve nue258,94,00,000..258,94,00,000 Capital8,00,000..8,00,000 10Ministry of Civil AviationRe ve nue813,34,00,000..813,34,00,000 Capital2528,20,00,000.. 2528,20,00,000 11Ministr y of Coa lRe ve nue606,00,00,000..606,00,00,000 Capital1100,00,00,000..1100,00,00,000 12Department of CommerceRe ve nue4990,01,00,000.. 4990,01,00,000 Capital101,50,00,000..101,50,00,000 13Department of Industrial Policy and Promotion Re ve nue2613,58,00,000.. 2613,58,00,000 Capital2,61,00,000..2,61,00,000 14De pa rtme nt of Pos tsRevenue 19494,06,00,000 20,00,000 19494,26,00,000 Capital336,65,00,000..336,65,00,000 15Department of TelecommunicationsRevenue 13284,10,00,000.. 13284,10,00,000 Capital2590,50,00,000.. 2590,50,00,000 16Department of Electronics and Information Te chnologyRe ve nue2482,85,00,000.. 2482,85,00,000 Capital147,15,00,000..147,15,00,000 17Department of Consumer AffairsRe ve nue256,07,00,000..256,07,00,000 Capital20,70,00,000..20,70,00,000 18Department of Food and Public DistributionRevenue 125950,30,00,000125950,30,00,000 Capital10587,25,00,000.. 10587,25,00,000 19Ministry of Corporate AffairsRe ve nue242,78,00,000..242,78,00,000 Capital29,10,00,000..29,10,00,000 Ex-525/2015 4 2 0 Ministry of CultureRe ve nue2091,50,00,0002091,50,00,000 Capital77,50,00,000 .. 77,50,00,000 2 1 Ministry of DefenceRevenue 20188,58,00,000 61,00,000 20189,19,00,000 Capital3653,03,00,000 35,00,00,000 3688,03,00,000 2 2 Defence PensionsRevenue 54499,26,00,000 74,00,000 54500,00,00,000 2 3 Defence Services—ArmyRevenue 106994,27,00,000 46,56,00,000 107040,83,00,000 2 4 Defence Services—NavyRevenue 16110,62,00,000 15,02,00,000 16125,64,00,000 2 5 Defence Services—Air ForceRevenue 24295,79,00,000 4,30,00,000 24300,09,00,000 2 6 Defence Ordna nce factories Re ve nue14697,73,00,000 8,00,00,000 14705,73,00,000 2 7 Defence Services—Research and Development Revenue6634,46.00,000 63,00,000 6635,09,00,000 2 8 Capital Outlay on Defence ServicesCapital94451,50,00,000 136,50,00,000 94588,00,00,000 2 9 Ministry of Development of North Eas tern Revenue2205,74,00,000..2205,74,00,000 Re gion Capital327,00,00,000..327,00,00,000 3 0 Mi nis try of Dr inking Water and Sa nitationRe ve nue6243,87,00,000..6243,87,00,000 3 1 Ministry of Earth SciencesRe ve nue1497,56,00,000 10,00,000 1497,66,00,000 Capital125,02,00,000..125,02,00,000 3 2 Mi nis tr y of Environme nt, Fore sts a nd Climate ChangeRe ve nue1888,81,00,000..1888,81,00,000 Capital48,79,00,000..48,79,00,000 3 3 Ministry of External AffairsRe ve nue11238,00,00,000 3,00,000 11238,03,00,000 Capital3728,80,00,000..3728,80,00,000 3 4 Department of Economic AffairsRe ve nue17774,88,00,000...17774,88,00,000 Capital5601,69,00,000..5601,69,00,000 3 5 Department of Financial ServicesRe ve nue15311,80,00,000..15311,80,00,000 Capital17495,00,00,000..17495,00,00,000 C HAR G ED .—Interest Payments Re ve nue476089,17,00,000476089,17,00,000 3 7 Transfers to State and Union territory GovernmentsRevenue 35205,00,00,000 88864,52,00,000 124069,52,00,000 Capital 12600,00,00,000 12600,00,00,000 38 Loans to Government Servants, etcCapital200,00,00,000..200,00,00,000 C HAR GE D .—Repayment of Debt Capital4233227,78,00,0004233227,78,00,000 4 0 De par tment of Expe nditureRe ve nue156,84,00,000..156,84,00,000 4 1 Pens ionsRevenue 27145,00,00,000 140,00,00,000 27285,00,00,000 4 2 Indian Audit and Accounts DepartmentRe ve nue3545,34,00,000 117,05,00,000 3662,39,00,000 Capital15,00,00,000..15,00,00,000 4 3 De pa rtme nt of RevenueRe ve nue16081,67,00,000 2,00,000 16081,69,00,000 Capital106,00,00,000.-.106,00,00,000 4 4 Direct TaxesRe ve nue4832,36,00,000..4832,36,00,000 Capital576,20,00,000..576,20,00,000 4 5 Indirect TaxesRe ve nue5000,99,00,000 50,00,000 5001,49,00,000 Capital 663,61,00,000..663,61,00,000 4 6 De par tment of Disinves tme ntRe ve nue44,00,00,000..44,00,00,000 4 7 Ministry of Food Processing IndustriesRe ve nue505,51,00,000..505,51,00,000 4 8 Department of Health and Family WelfareRevenue 31501,32,00,000..31501,32,00,000 Capital867,35,00,000..867,35,00,000 4 9 Department of Health ResearchRe ve nue1018,17,00,000..1018,17,00,000 5 0 Department of AIDS ControlRe ve nue1347,00,00,000..1347,00,00,000 Capital50,00,00,000..50,00,00,000 5 1 Department of Heavy IndustryRe ve nue275,73,00,000..275,73,00,000 Capital1349,00,00,000..1349,00,00,000 5 2 De par tme nt of Publ ic Ent erpris esRe ve nue19,00,00,000..19,00,00,000 5 3 Ministry of Home AffairsRe ve nue1521,57,00,000..1521,57,00,000 Capital48,43,00,000..48,43,00,000 5 4 CabinetRe ve nue416,99,00,000..416,99,00,000 Ex-525/2015 5 5 5 PoliceRevenue 53568,83,00,000 12,28,00,000 53581,11,00,000 Capital9015,49,00,000 7,92,00,000 9023,41,00,000 5 6 Ot her Expenditure of the Ministry ofRe ve nue2206,03,00,000 3,00,000 2206,06,00,000 Home Affairs Capital358,53,00,000..358,53,00,000 5 7 Transfers to Union territory GovernmentsRe ve nue1696,00,00,000.,1696,00,00,000 Capital72,00,00,000..72,00,00,000 5 8 Ministry of Housing and Urban Poverty AlleviationRe ve nue5634,47,00,000..5634,47,00,000 5 9 Department of School Education and LiteracyRevenue 69794,50,00,000..69794,50,00,000 6 0 Department of Higher EducationRevenue 26855,26,00,000..26855,26,00,000 6 1 Ministry of Information and BroadcastingRe ve nue3686,11,00,000..3686,11,00,000 Capital25,00,00,000..25,00,00,000 6 2 Ministry of Labour and EmploymentRe ve nue5522,41,00,000..5522,41,00,000 Capital46,30,00,000..46,30,00,000 6 3 Flection CommissionRe ve nue76,00,00,000..76,00,00,000 Capital4,00,00,000..4,00,00,000 6 4 Law and JusticeRe ve nue3420,90,00,000..3420,90,00,000 Capital102,75,00,000..102,75,00,000 CHA RGED.—Supreme Court of India Re ve nue155,00,00,000.,155,00,00,000 6 6 Ministry of Micro, Small and Medium Enterprises Re ve nue2997,12,00,000..2997,12,00,000 Capital10,30,00,000..10,30,00,000 6 7 Ministry of MinesRe ve nue1100,85,00,000 8,00,000 1100,93,00,000 Capital54,78,00,000..54,78,00,000 6 8 Ministry of Minority AffairsRe ve nue3618,11,00,000..3618,11,00,000 Capital120,00,00,000..120,00,00,000 69 Ministry of New and Renewable Re ve nue2708,21,00,000..2708,21,00,000 Energy Capital95,00,00,000..95,00,00,000 7 0 Ministry of Overseas Indian AffairsRe ve nue106,17,00,000..106,17,00,000 Capital12,00,00,000..12,00,00,000 7 1 Ministry of Panchaya ti R aj Re ve nue94,75,00,000..94,75,00,000 7 2 Ministry of Parliamentary AffairsRe ve nue15,57,00,000..15,57,00,000 7 3 Ministry of Personnel, Public GrievancesRe ve nue1023,03,00,000 7,62,00,000 1030,65,00,000 a ndPensions Capital120,75,00,000 2,50,00,000 123,25,00,000 CHAR GED.—CentralVigilanceCommission Re ve nue 27,68,00,000 27,68,00,000 7 5 Ministry of Petroleum and Natural GasRevenue 30124,55,00,000..30124,55,00,000 Capital1,00,00,000..1,00,00,000 7 6 Ministry of PlanningRe ve nue1846,85,00,000..1846,85,00,000 Capital364,78,00,000..364,78,00,000 7 7 Ministry of PowerRe ve nue6319,53,00,000..6319,53,00,000 Capital1952,30,00,000..1952,30,00,000 CHARGED.—Staff. Household and Allowances of the President Re ve nue46,00,00,00046,00,00.000 7 9 l.ok SabhaRe ve nue598,73,00,000 87,00,000 599,60,00,000 8 0 Rajya SabhaRe ve nue335,32,00,000 1,07,00,000 336,39,00,000 CHARGED.—Union Public Service Commission Re ve nue200,00,00,000 200,00,00,000 8 2 Secretariat of the Vice-PresidentRe ve nue4,05,00,000..4,05,00,000 8 3 Ministry of Road Transport and HighwaysRe ve nue16560,00,00,000..16560,00,00,000 Capital62508,24,00,000 10,50,00,000 62518,74,00,000 8 4 Department of Rural DevelopmentRevenue 114047,58,00,000..114047,58,00,000 85 Department of Land ResourcesRe ve nue1637,50,00,000..1637,50,00,000 8 6 Department of Science and TechnologyRe ve nue3843,98,00,000 2,00,000 3844,00,00,000 Capital17,82,00,000..17,82,00,000 8 7 Department of Scientific and Industrial ResearchRevenue4024,00,00,000..4024,00,00,000 Capital7,00,00,000..7,00,00,000 8 8 Department of Biotec hnologyRe ve nue1625,14,00,000..1625,14,00,000 8 9 Ministry of ShippingRe ve nue1393,71,00,000..1393,71,00,000 Capital386,08,00,000..386,08,00,000 Ex-525/2015 9 0 Ministry of Skill Development and Ent repre neurs hipRe ve nue1543,46,00,000..1543,46,00,000 9 1 Department of Social Justice and Empower me ntRe ve nue6062,58,00,000..6062,58,00,000 Capital462,24,00,000..462,24,00,000 9 2 Department of Disability AffairsRe ve nue601,94,00,000..601,94,00,000 Capital35,00,00,000..35,00,00,000 9 3 Department of SpaceRe ve nue3922,69,00,000 60,00,000 3923,29,00,000 Capital3464,50,00,000 40,00,000 3464,90,00,000 9 4 Ministry of Statistics and Programme ImplementationRe ve nue4816,72,00,000..4816,72,00,000 Capital10,15,00,000..10,15,00,000 9 5 Ministry of SteelRe ve nue88,13,00,000..88,13,00,000 9 6 Ministry of TextilesRe ve nue4136,10,00,000..4136,10,00,000 Capital138,70,00,000..138,70,00,000 9 7 Ministry of TourismRe ve nue1568,02,00,000..1568,02,00,000 Capital5,05,00,000..5,05,00,000 9 8 Ministry of Tribal AffairsRe ve nue778,60,00,000 3970,61,00,000 4749,21,00,000 Capital70,00,00,000..70,00,00,000 9 9 Andaman and Nicobar IslandsRe ve nue3286,72,00,000 1,00,000 3286,73,00,000 Capital573,65,00,000..573,65,00,000 1 0 0 ChandigarhRe ve nue3233,26,00,000 27,27,00,000 3260,53,00,000 Capital570,94,00,000..570,94,00,000 1 0 1 Dadra and Nagar HaveliRe ve nue598,47,00,000 3,00,000 598,50,00,000 Capital308,96,00,000..308,96,00,000 1 0 2 Dama n and Di uRe ve nue1377,51,00,000 2,00,000 1377,53,00,000 Capital403,89,00,000..403,89,00,000 10 3 LakshadweepRe ve nue974,79,00,000..974,79,00,000 Capital179,99,00,000..179,99,00,000 10 4 Department of Urban DevelopmentRe ve nue7448,41,00,000 66,77,00,000 7515,18,00,000 Capital9202,06,00,000 115,00,00,000 9317,06,00,000 1 0 5 Public WorksRe ve nue1591,28,00,000 80,00,000 1592,08,00,000 Capital749,76,00,000 1,00,00,000 750,76,00,000 1 0 6 Stationery and PrintingRe ve nue256,69,00,000..256,69,00,000 Capital1,00,00,000..1,00,00,000 10 7 Ministry of Water Resources, River Development and Ganga RejuvenationRe ve nue6235,21,00,000..6235,21,00,000 Capital144,72,00,00 1,10,00,000 145,82,00,000 1 0 8 Ministry of Women and Child Development Revenue10382,40,00,00..10382,40,00,000 1 0 9 Ministry of Youth Affairs and SportsRe ve nue1540,23,00,00..1540,23,00,000 Capital90,00,00..90,00,000 T OTAL :1387654,23,00,000 4815943,41,00,000 6203597,64,00,000 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.Ex-525/20156

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 526 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Warehousing Corpo rations (Amendment) Act, 2015 (Act No. 16 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE WAREHOUSING CORPORATIONS (AMENDMENT) ACT, 2015 AN ACT further to amend theWarehousing CorporationsAct, 1962. BEit enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. This Act may be called the Warehousing Corporations (Amendment) Act, 2015. 2. In the Warehousing Corporation s Act, 1962 (hereinafter referred to as the principalAct), for section 5, the following section shall be substituted, namely:— “5. Notwithstanding anything contained in the Acts mentioned in this section, the shares of the Central Warehousing Corporation shall be deemed to be— (a) included among other securities enumerated in section 20 of the Indian Trusts Act, 1882; an d (b) th e approved securities for the purposes of th e Insurance Act, 1938 and the Banking Regulation Act, 1949.”. 3.In the principal Act, in section 27, for sub-section (4), the following sub-section shall be substituted, namely:— “(4) Th e bon ds an d deben tur es of a Sta te War eh ousi ng Corpora ti on ma y be guaranteed by the appropriate Government on the recommendation of th e Board of Directors of the State Warehousing Corporation at the time such bonds or debentures are issued.”. 4.In t h e p r in cip al Act, i n s ecti on 3 0, i n s ub- secti on (2), the proviso shall be omitted. 5.In the principal Act, in section 31, in sub-section (8), the proviso shall be omitted. 6.In the principal Act, in section 39, both the provisos shall be omitted. 58 of 1962. 2 of 1882. 4 of 1938. 10 of 1949.Short title. Substitution of new section for section 5. Certain shares to be approved securities. Amendment of section 27. Amendment of section 30. Amendment of section 31. Amendment of section 39. Ex-526/20152 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 527 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Repealing and Amending Act, 2015 (Act No. 17 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE REPEALING AND AMENDING ACT, 2015 AN ACT to repeal certain enactments and to amend certain other enactments. BEit enacted by Parliament in the Sixty-sixth Yea r o f t h e Republic of India as follows:— 1.This Act may be called the Repealing and Amending Act, 2015. 2.The enactments specified in the First Schedule are hereby repealed to the extent mentioned in the fourth column thereof. 3.The enactments specified in the Second Schedule are hereby amended to the extent and the manner mentioned in the fourth column thereof. 4.The repeal by this Act of any enactment shall not affect any Act in which such enactment has been applied, incorporated or referred to; and this Act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or in cu rred, or an y r emedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing; nor shall this Act affect any principle or rule of law, or establish ed jurisdiction, form or course of pleadin g, practice or procedur e, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed, recognised or derived by, in or from any enactment hereby repealed; nor shall the repeal by this Act of any enactment provide or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, pr actice, procedure or other matter or thing not now existing or i n force. THE FIRST SCHEDULE (SeeSection 2) REPEALS YearNo. Short title Extent of repeal 18974The Indian Fisheries Act, 1897The whole. 194747The Foreign Jurisdiction Act, 1947The whole. 197849The Sugar Undertakings (Taking Over of Management) Act, 1978The whole. 199930The Representation of the People (Amendment) Act, 1999The whole. 199933The Indian Majority (Amendment) Act, 1999The whole. 199934 TheAdministrators-General (Amendment) Act, 1999The whole.Short title. Repeal of certain enactments. Amentment of certain enactments Savings. Ex-527/20152 199936The Notaries (Amendment) Act, 1999The whole . 199939The Marriage Laws (Amendment) Act, 1999The whole. 200130Th e Repealing andAmending Act, 2001Th e whole. 200149The Mariage Laws (Amendment) Act, 2001Th e whole. 200151The Indian Divorce (Amendment) Act, 2001 Th e whole. 200226The Indian Succession (Amendment) Act, 2002Th e whole. 200237The Legal Services Authorities (Amendment ) Act, 2002Th e whole. 200272 The Representation of the People (ThirdAmendment) Act, 2002Th e whole. 20033The Transfer of Property (Amendment) Act, 2002Th e whole. 20034The Indian Eviden ce (Amendment) Act, 2002 Th e whole. 20036The Representation of the People (Second Amendment) Act, 2002Th e whole. 20039The Representation of the People (Amendment) Act, 2002Th e whole. 200324The Election Laws (Amendment) Act, 2003Th e whole. 200340The Representation of the People (Amendment) Act, 2003Th e whole. 200346The Election and Other Related Laws (Amendment) Act, 2003Th e whole. 200350The Marriage Laws (Amendment) Act, 2003 Th e whole. 20042The Representation of the People (Second Amendment) Act, 2003Th e whole. 20043 The Delimitation (Amendment) Act, 2003Th e whole. 20054The Delegated Legislation Provisions (Amendment) Act, 2004Th e whole. 200539The Hindu Succession (Amendment) Act, 2005Th e whole. 200631The Parliament (Prevention of Disqualification) Amendment Act, 2006Th e whole. 20089The Delimitation (Amendment) Act, 2008Th e whole. 200810The Representation of the People (Amendment) Act, 2008Th e whole. 200941The Representation of the People (Amendment) Act, 2009Th e whole. 201030The Personal Laws (Amendment) Act, 2010 Th e whole. 201036The Representation of the People (Amendment) Act, 2010 The whole. 201229 The Anand Marriage (Amendment) Act, 2012Th e whole. 201233 TheAdministrators-General (Amendment) Act, 2012Th e whole. 201328The Parliament (Prevention of Disqualification) Amendment Act, 2013Th e whole.Ex-527/2015 3 THE SECOND SCHEDULE (Seesection 3) AMENDMENTS Year No. Short titleAmendments 2013 25 The Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013In the proviso to sub-section (3) of secti on 1, for th e wor ds “the notification”, the words “the said notification” shall be substituted. 2014 17 The Whistle Blowers Pr otecti on Act, 2011(a) In the Enacting Formula, for the words “Sixty-second Year”, the words “Sixty-fifth Year” shall be substituted; and (b) in sub-section (1) of section 1, for the figures “2011”, the figures “2014” shall be substituted.Ex-527/20154 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 528 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Payment and Settlement Systems (Amendment) Act, 2015 (Act No. 18 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE PAYMENT AND SETTLEMENT SYSTEMS (AMENDMENT) ACT, 2015 AN ACT to amend the Payment and Settlement SystemsAct, 2007. BEit enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1.(1) This Act may be called the Payment and Settlement Systems (Amendment) Act, 2015. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and differ en t dates may be appointed for differ en t provi sions of this Act, and any reference to the commencement in any such provision of this Act sh all be construed as a reference to th e commen cement of that provision.Short titlen and comen cemen t 2.In section 2 of the Payment and Settlement Systems Act, 2007 (hereinafter referred to as the principal Act),— (i) after clause (d), the following clauses shall be inserted, namely:–– ‘(da) “i s s u er ” m e a n s a p er s on wh o i s s u es a l e g a l en t i t y i d en t i fi er or s u ch ot h er un ique iden tification (by whatever name called), as may be specified by the Reserve Bank from time to time; ( db) “legal entity identifier” means a unique identity code assigned to a person by an issuer for the purpose of identifying that person in such derivatives or financial transactions, as may be specified by the Reserve Bank from time to time;’; (ii) a ft er cl a u s e (q),the following clause shall be inserted, namely:–– ‘(r) “trade repository” means a person who is engaged in the business of collecting, collating, storing, maintaining, processing or disseminating electronic records or data relating to such derivatives or financial tr ansact ion s, a s ma y be specified by the Reserve Bank from time to time.’. 3.In section 23 of the principal Act,–– (i) in sub-section (1),after the words “to a payment system” occurring at the end, the words and figure “under section 7, or, such gross or netting procedure as may be approved by it under any other provisions of this Act” shall be inserted; (ii) for sub-sect ion (4), the following sub-section shall be substituted, n a m el y:— “(4) Where, by an order of a court, Tribun al or authority–– (a) a system pa rticipa nt is declar ed as in solvent or is di ssolved or wound up; or (b) a liquidator or receiver or assignee (by whatever name called), whether provisional or otherwise, is appointed in a proceeding relating to insolvency or dissolution or winding up of a system participant, then, notwithstanding anything contained in the Banking Regulation Act,1949 or the Companies Act,1956 or the Companies A ct , 20 1 3 or a n y oth er la w for th e time being in force, such order shall not affect any settlement that has become final and irrevocable prior to such order or immediately ther eafter, and the right of the system provider to appropriate any collaterals contributed by the system participants towards its settlement or other obligations in accordance with the rules, regulations or bye-laws relating to such system provider.”; (iii) after sub-section (4), the following sub-sections shall be inserted, n a m el y:— “(5) Where an order referred to in sub-section (4) is made with respect to a central counter party, then, notwithstanding such order or anything contained in the Banking RegulationAct,1949 or the CompaniesAct,1956 or the Companies Act, 2013 or any other law for the time being in force, the payment obligations and settlement instructions between the central counter party and the system participants including those arising from transactions admitted for settlement a t a future date, shall be determined forthwith by such central counter party in accordance with the gross or netting procedure, as the case may be, approved by the Reserve Bank, while issuing authorisation or under any other provisions of this Act, and such determination shall be final and irrevocable. (6) Notwithstanding anything contained in the Banking Reg ula ti on Act,1949 or the Companies Act, 1956 or the Companies Act, 2013 or any other law for the time being in force, the liquidator or receiver or assignee Amendment of section 2.51 of 2007. Amendment of section 23. 10 of 1949 1 of 1956. 18 of 2013. 10 of 1949 1 of 1956. 18 of 2013. 10 of 1949 1 of 1956. 18 of 2013. Ex-528/20152 (by whatever name called) of th e central counter par ty, wh eth er appointed as provisional or otherwise, shall–– (a) not re-open an y deter mination that has become final and irrevocable; (b) after appropriating in accordance with the rules, regulations or bye- la ws of the central counter party, the collaterals provided by the system participants towards their settlement or other obligations, return the collaterals held in excess to the system participants concerned.”; (iv) the existingExplanationshall be numbered asExplanation1 th ereof an d afterExplanation1,as so numbered, the followingExplanation shall be inserted, namely:–– ‘Explanation 2.––For the purposes of this section, the expression “cen tra l count er pa rt y” mea ns a syst em pr ovider wh o by way of nova ti on interposes between system participants in the transactions admitted for settlemen t, ther eby becoming the buyer to every seller and the seller to every buyer, for the purpose of effecting settlement of their transactions.’. 4.After section 23 of the principal Act, the following section sh all be in serted, namely:— ‘23A. (1) The Reserve Bank may, in public interest or in the interest of the customers of designated payment systems or to prevent the affairs of such designated payment system from being conducted in a manner prejudicial to the interests of its customers, r equire system provider of such payment system to–– (a) deposit and keep deposited in a separate account or accounts held i n a scheduled commercial bank; or (b) m a i n t a i n l i q u i d a s s et s i n s u ch m a n n er a n d for m a s i t m a y s p e ci fy fr om time to time, of an amount equal to such percentage of the amoun ts collected by the system provider of designated payment system from its customers and remaining ou tst an din g, a s m ay be sp eci fi ed by t h e Res er ve Ba n k fr om ti me t o t im e: Pr ovided that the Reserve Bank may specify different percentages and the manner and forms for different categories of designated payment systems. (2) The balance held in the account or accounts, referred to in sub- section (1),shall not be utilised for an y purpose other th an for dischar ging the liabilities arising on account of the usage of the payment service by the customers or for repaying to the customers or for such other purpose as may be specified by the Reserve Bank from time to time. (3) Notwithstanding anything contained in the Banking Regulation Act, 1949 or the Companies Act, 1956 or the CompaniesAct, 2013 or any other law for the time being in force, th e persons entitled to receive payment under sub-section (2) shall have a first and paramount charge on the balance held in that account and the liquidator or receiver or assi gn ee (by whatever name called) of the system provider of the designated payment system or the scheduled commercial bank concerned, whether appointed as provisional or otherwise, shall not utilise the said balances for any other purposes until all such persons are paid in full or adequate provision is made therefor. 10 of 1949 1 of 1956. 18 of 2013.Insertion of new section 23A. Protection of funds collected from customers.Ex-528/2015 3 Explanation.––For the purposes of this section, the expressions–– (a) “designated payment system” shall mean a payment system or a cla ss of payment system, as ma y be speci fi ed by th e Reser ve Ba nk fr om ti me to time, engaged in collection of funds from their customers for rendering payment service; (b) “scheduled commercial bank” shall mean a “banking company”, “corresponding new bank”, “State Bank of India” and “subsidiary bank” as defined in section 5 of the Banking Regulation Act, 1949 and included in the Second Schedule to the Reserve Bank of India Act,1934.’. 5.After section 34 of the principal Act, the following section sh all be in serted, namely:— ‘3 4 A . (1) The provisions of this A ct s h a l l a p p l y t o, or i n r e l a t i on t o, a designated trade repository or issuer, as th ey apply to, or in relation to, payment systems to the extent applicable, subject to the modification that, throughout this Act, unless the context otherwise requires,— (a) references to a “payment system” or “system pr ovider” s h a l l be construed as references to a “designated trade repository” or “issuer”, as the case may be; (b) references to “commencement of this Act” shall be construed with refer en ce to–– (i) a designated trade repository, as references to the date on which a trade repository is specified by the Reserve Bank as a designated trade repository; and (ii) an issuer, as references to commencement of the Payment and Settlement Systems (Amendment) Act, 2015. (2) The Reser ve Bank may, on an application by a designated trade repository or otherwise, permit or di rect the designated trade repository to provide such oth er services as are deemed n ecessa ry fr om time to time. Explanation.––For the purposes of this section, the expression “designated trade repository” shall mean a trade repository or a cl a s s o f t r a d e r ep os i t or i e s , a s m a y be s p ec i fi ed b y t h e R es er ve Ba n k fr om t i m e to time.’. Insertion of new section 34A. 10 of 1949 1 of 1934. Act to apply to designated trade repository and issuer. Ex-528/20154 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 529 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Repealing and Amending (Second) Act, 2015 (Act No. 19 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. THE REPEALING AND AMENDING ( SECOND) ACT, 2015 AN ACT to repeal certain enactments and to amend certain other enactments. BEit enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1.This Act may be called the Repealing and Amending (Second ) Act, 2015. 2.The enactments specified in the First Schedule are hereby repealed to the extent mentioned in the fourth column thereof. 3.Th e enactmen ts specified in the Second Schedule are h er eby amended to the extent and the manner mentioned in the fourth column thereof. 4.The repeal by this Act of any enactment shall not affect any Act in which such enactment has been applied, incorporated or referred to; and this Act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred, or any remedy or proceeding in respect th ereof, or an y release or dischar ge of or fr om a ny debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing;Short title. Repeal of certain enactments Amendment of certain enact- ments. Savings. THE FIRST SCHEDULE (Seesection 2) REPEALS Year No. Short title Extent of repeal 1999 1The Export-Import Bank of India (Amendment) Act, 1998The whole. 1999 7The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 1998The whole. 1999 16The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 1999The whole. 2000 1Th e Recovery of Debts Due to Ban ks and Financial Institutions (Amendment) Act, 2000The whole. 2000 7The Small Industries Development Bank of India (Amendment) Act, 2000The whole. 2000 12Th e Food Cor porati ons (Amendment) Act, 2000The whole. 2000 15The National Housing Bank (Amendment) Act, 2000The whole. 2000 17The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2000The whole. 2000 18The Leaders and Chief Whips of Recognised Parties and Groups in Parliament (Facilities)Amendment Act, 2000The whole. 2000 22The Major Port Trusts (Amendment) Act, 2000The whole. 2000 23Th e Insect icides (Amendment) Act, 2000The whole. 2000 35Th e Border Security Force (Amendment) Act, 2000The whole. 2000 39The State Financial Corporations (Amendment) Act, 2000The whole. 2000 44The Multimodal Transportation of Goods (Amendment) Act, 2000The whole. 2000 55The National Bank for Agriculture and Rural Development (Amendment) Act, 2000 Th e whol e. 2001 10Th e Chit Funds (Amendment) Act, 2001The whole. 2001 23The Warehousing Corporations (Amendmen t) Act, 2001The whole. 2001 27Th e Food Cor porati ons (Amendment) Act, 2001The whole. 2001 38The Government of Union Territories and the Government of National Capital Territory of Delhi (Amendment) Act 2001 2001 40Th e Inland Waterways Authority of India (Amendment) Act, 2001The whole. 2001 46The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2001The whole. 2001 54The Explosive Substance (Amendment) Act, 2001The whole. 2002 14The Inter-State Water Disputes (Amendment) Act, 2002The whole. 2002 29The Salaries andAllowances of Officers of Parliament and Leaders of Opposition in Parliament (Amendment) Act, 2002The whole. 2002 30The Sugar Development Fund (Amendment) Act, 2002The whole. 2002 31The Salaries and Allowances of Officers of Parliament (SecondAmendment) Act, 2002The whole. 2002 34The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2002The whole. 2002 40The General Insurance Business (Nationalisation) Amendment Act, 2002The whole. nor shall this Act affect any principle or rule of law, or establish ed jurisdiction, form or course of pleadin g, practice or procedur e, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed, recognised or derived by, in or from any enactment hereby repealed; nor shall the repeal by this Act of any enactment revive or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, pr actice, procedure or other matter or thing not now existing or i n force. Ex-529/20152 2002 42The Insurance (Amendment) Act, 2002The whole. 2002 51The Homoeopathy Central Council (Amendment) Act, 2002The whole. 2002 52The Indian Medicine Central Council (Amendment) Act, 2002The whole. 2002 55The Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002The whole. 2002 56The Salaries andAllowances of Officers of Parliament and Leaders of Opposition in Parliament (Second Amendment) Act, 2002The whole. 2002 62The Consumer Protection (Amendment) Act, 2002The whole. 2003 7The High Court Judges (Salaries and Conditions of Service) Amendm ent Act, 2002 Th e whole. 2003 8Th e Supreme Court Judges (Salar ies and Conditions of Service)Amendment Act, 2002The whole. 2003 10The Scheduled Castes and Scheduled Tribes Orders (Amendment) Act, 2002The whole. 2003 11The Companies (Secon dAmendment) Act, 2002The whole. 2003 35The Delhi High Court (Amendment) Act, 2003The whole. 2003 37The Essential Commodities (Amendment) Act, 2003The whole. 2003 44The Sixth Schedule to the Constitution (Amendment) Act, 2003The whole. 2003 48Th e National Bank for Agriculture and Rural Development (Amendment) Act, 2003 Th e whol e. 2003 51The Railways (Second Amendment) Act, 2003The whole 2003 58The Indian Medicine Central Council (Amendment) Act, 2003The whole. 2003 59The Merchant Shipping (Amendment) Act, 2003The whole. 2004 4The Pr evention of Terrorism (Amendment) Act, 2003The whole. 2004 6The Citizenship (Amendment) Act, 2003The whole. 2004 9The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2003The whole. 2004 16The Foreigners (Amendment) Act, 2004The whole. 2004 24The Banking Regulation (Amendment) and Miscellaneous Provisions Act, 2004The whole. 2004 30The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004The whole. 2005 19The Government of Union Territories and the Government of National Capital Territory of Delhi (Amendment) Act, 2005The whole. 2005 32The Citizenship (Amendment) Act, 2005The whole. 2005 40The Sree ChitraTirunal Institute for Medical Sciences and Technology, Trivandrum (Amendment) Act, 2005The whole. 2005 45The Warehousing Corporations (Amendmen t) Act, 2005The whole. 2005 46The High Court and Supreme Court Judges (Salaries and Conditions of Ser vi ce) Amendmen t Act, 2005The whole. 2006 2 The Criminal Law (Amendment) Act, 2005The whole. 2006 5The Government of Union Territories and the Government of National Capital Territory of Delhi (Amendment) Act, 2006The whole. 2006 6Th e Contempt of Courts (Amendment) Act, 2006The whole. 2006 26The Reserve Bank of India (Amendment) Act, 2006The whole. 2006 40The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2006The whole. 2006 45Th e Banking Companies (Acquisition and Tran sfer of Undertakings and Financial Institutions Laws (Amendment) Act, 2006The whole. 2006 54The Essential Commodities (Amendment) Act, 2006Sections 2 to 5. 2007 17The Banking Regulation (Amendment) Act, 2007The whole. 2007 18The National Tax Tribunal (Amendment) Act, 2007The whole. 2007 30The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007The whole. 2007 32Th e State Bank of India (Amendment) Act, 2007The whole. 2007 35Th e Inland Vessels (Amendment) Act, 2007The whole. 2007 40The Merchant Shipping (Amendment) Act, 2007The whole. 2008 4The Sugar Development Fund (Amendment) Act, 2008The whole. 2008 30The Salaries andAllowances of Officers of Parliament (Amendment) Act, 2008The whole.Ex-529/2015 3 2009 5The Code of Criminal Procedure (Amendment) Act, 2008The whole. 2009 11Th e Supreme Court (Number of Judges) Amendment Act, 2008The whole. 2009 20The Agricultural and Processed Food Products Export Development Authority (Amendment) Act, 2009The whole. 2009 23The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 2009The whole. 2009 48The State Bank of Saurashtra (Repeal) and the State Bank of India (Subsidiary Banks) Amendment Act, 2009Sections3 to 11. 2010 27Th e State Bank of India (Amendment) Act, 2010The whole. 2010 37The Salar y, Allowances and Pension of Members of Parliament (Amendment) Act, 2010The whole. 2010 41The Code of Criminal Procedure (Amendment) Act, 2010The whole. 2010 43The Indian Medicine Central Council (Amendment) Act, 2010The whole. 2011 7The State Bank of India (Subsidiary Banks) Amendment Act, 2011The whole. 2011 17The State Bank of India (Subsidiary Banks Laws) Amendment Act, 2011The whole. 2012 5The New Delhi Municipal Council (Amendment) Act, 2011 The whole. 2012 8Th e Life Insurance Corporation (Amendment) Act, 2011The whole. 2012 11The Export-Import Bank of India (Amendment) Act, 2011The whole. 2012 26The North-Eastern Areas (Reorganisation) and Other Rela ted Laws (Amendment) Act, 2012The whole. 2012 36Th e Chemical Weapons Convention (Amendment) Act, 2012The whole. 2013 1The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012The whole. 2013 4The Banking Laws (Amendment) Act, 2012The whole. 2013 27 The Wakf (Amendment) Act, 2013The whole. THE SECOND SCHEDULE (Seesection 3) AMENDMENTS Year No. Short titleAmendments 2008 11 The Railways (Amendment) Act, 2008Insection 2,- (i) the words and figure “section 2 of” shall be omitted; 2008 22 The Indian Maritime University Act, 2008In section 2, for the words “in all Statutes made hereunder”, substituted the words “in the Statutes made thereunder”.Ex-529/20154 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.(ii) after th e brackets an d words “(herein after referred to as the principal Act)”, insert the words and figure “in section 2”.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 530 NOTIFICATIONNo.H.12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Finance Act, 2015 (Act No. 20 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. AN ACT to give effect to the financial proposals of the Central Government for the financial year 2015-2016. BE it enacted by Parliament in the Sixty-sixth Year of the Repu blic of India as follows:— CHAPTER I PRELIMINARY 1.(1) This Act may be called the Fina nce Act, 2015. (2) Save as otherwise provided in this Act, sections 2 to 81 shall be deemed to have come into force on the 1st day of April, 2015. CHAPTER II R A TES OF INCOME-TAX 2.(1) Subject to the provisions of sub-sections (2) and (3), for the assess ment yea r commencing on the 1st day of April, 2015, 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 purposes of the Union, calculated in each ca se in the manner provided therein.Short title and commencement Income-tax. (2) In the cases to which Paragraph A of Pa rt I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income exceeding five thousand rupees, in addition to total income, and the total income exceeds two la kh 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 compr ised in the total income after the fir st two la kh fifty thousa nd rupees of the total income but without being liable to tax], only for the purpose of char ging income-tax in respect of the total income; a nd (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 sha ll be determined in resp ect of the aggregate income at the rates specified in the said Paragraph A, as if such a ggr eg a t e income were t he 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 det ermined 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 tota l income; (iii) the amount of income-tax determined in accorda nce 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 in India, who is of the age of sixty years or more but less than eighty years at a ny time dur ing the previous year, referred to in item (II) of Paragraph A of Pa rt I of the First Schedule, the provisions of this sub-section sha ll ha ve effect as if for the wor ds “two la kh fift y thousand rupees”, the wor ds “three la kh rupees” had been substituted: Provided fur ther that in the ca se of every individu al, being a resident in India, who is of the a ge of eighty years or more at a ny time dur ing the previous year, referred to in item (III) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall ha ve effect as if for the words “two lakh fifty thousa nd r upees”, the wor ds “five la kh rupees” had been substituted. (3) In ca ses to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or tha t section, and with refer ence to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be:43 of 1961 Ex-530/20152 Provided that the amount of income-tax computed in accorda nce with the provisions of section 111A or section 112 of the Income-tax Act shall be increased by a surchar ge, for purposes of t he Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under sect i on 115A ,115A B, 115A C, 115A CA , 115A D , 115B, 115BB, 115BBA, 115BBC, 115BBD, 115BBE, 115E,115JB or 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a sur char ge, for purposes of the Union, calculated,— (a) in the case of every individual or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,or co-operative society or fir m or loca l authority, at the ra te of ten per cent. of such income-ta x, where the total income exceeds one cr or e rup ees; (b) in the case of every domestic company,— (i) at the rate of five per cent. of such income-tax, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of ten per cent. of such income-tax, where the total income exceeds ten crore rupees; (c) in the case of every company, other than a domestic company,— (i) at the rate of two per cent. of such income-tax, where the total income exceeds one cror e ru pees but does not exceed ten cror e rup ees. (ii at the rate of five per cent. of such income tax, where the total income exceeds ten cr or e rup ees; income exceeds one cr or e rupees b ut does exceed ten cr or e rup ees. Pr ovided a lso tha t in the case of persons ment ioned in (a), ha ving t ot a l inc ome cha rgea ble to t ax under section 115JC of the Income- tax Act and such income exceeds one crore rupees, the total amount payable as income-tax on such income a nd surcha rge thereon shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income cha rgea ble to ta x under section 115JB of the Income-tax Act, a nd such income exceeds one crore rupees but does not exceed ten cror e rupees, the total amount paya ble as income-tax on such income and surcharge thereon, sha ll not exceed the total amount paya ble as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income cha rgea ble to ta x under section 115JB of the Income-tax Act, a nd such income exceeds ten crore rupees, the total amount payable as income-tax on such income a nd surcha rge thereon, shall not exceed the total amount payable as income-tax a nd surcha rge on a total income of ten cr ore rupees by more than the amount of income that exceeds ten cr ore rupees.Ex-530/2015 3 (4) In cases in which tax has to be charged and paid under section 115-O or section115QA or sub-section (2) of section 115R or section 115TA of the Income-tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calcula ted at the ra te of twelve per cent. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B,194BB, 194D, 194LBA and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcha rge, for purposes of the Union, calculated in cases wherever prescribed, in the manner provided therein. (6) In cases in which tax has to be dedu cted under sections 192A, 194C, 194DA, 194E, 194EE, 194F, 194G, 194H, 194-I,194-IA, 194J, 194LA, 194LB, 194LBA, 194LBB,194LC, 194LD,196B, 196C and 196D of the Income-tax Act, the deductions sha ll be ma de at the rates s p ec if ied in t hos e sections and shall be increased by a surcharge, for purposes of the Union,— (a) in the case of every individual or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, or co-operative society or fir m, being a non- resident, calculated at the rate of twelve per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (b) in the ca se of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such tax, where the income or the aggregate of such incomes pa id or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such ta x, where t he income or the aggregate of such incomes pa id or likely to be paid and subject to the deduction exceeds ten crore rupees. (7) In cases in which tax has to be collected under the proviso to section 19 4B of the Income-tax Act, the collect ion sha ll be ma de at the rates specified in Pa rt II of the First Schedule, and shall be increased by a surcharge, for purposes of the Union, calculated, in cases wherever pr escribed, in the manner provided therein. (8) In cases in which tax has to be collected under section 206C of the Income-tax Act, the collection shall be made at the rates specified in that section and shall be increased by a surcharge, for purposes of the Union,— Ex-530/20154 (a) in the case of every individual or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, or co-operative society or fir m, being a non- resident, calculated at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees; (b) in the ca se of every company, other than a domestic company, calculated— (i) at the rate of two per cent. of such tax, where the amount or the aggregateof such amounts collected and subject to the collection exceeds one crore rupeesbut does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees. (9) Subject to the pr ovisions of sub-section (10), in cases in which income-tax has to be charged under sub-section (4) of section 172 or sub- section (2) of section 174 or section174A or section 175 or sub-section (2) of section 176 of the Income-tax Act or deducted from, or paid on, income cha rgea ble under the head “S alaries” under section 192 of the sa id Act or in which the “advance tax” payable under Chapter XVII-C of the sa id Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax” shall be so charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be increased by a surchar ge, for purposes of the Union, ca lcula ted in such ca ses and in such manner as provided therein: Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, “advance tax” shall be computed with reference to the rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be: Provided further that the amount of “advance tax” computed in accorda nce with the provisions of section 111A or section 112 of the Income- tax Act shall be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part III of the First Schedule: Provided also that in respect of any income chargeable to tax under sect ions 115A,115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115BBD, 1I5BBE, 115E,115JB a nd 115JC of the Income-tax Act, “advance tax” computed under the first proviso shall be increased by a sur char ge, for purposes of the Union, calculated,—Ex-530/2015 5 (a) in the case of every individual or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, or co-operative society or firm or local authority, calculated at the rate of twelve per cent. of such “advance ta x”, where the total income exceeds one cr ore rupees; (b) in the ca se of every domestic company, calculated,— (i) at the rate of seven per cent. of such “advance tax”, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of twelve per cent. of such “advance tax”, where the tot al inc ome exceeds t en cr or e rup ees; (c) in the ca se of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such “adva nce tax”, where the totalincome exceeds one crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such “advance tax”, where the tot al income exceeds t en cr or e rup ees: Provided also that in the case of persons mentioned in (a) above, having total income chargeable to tax under section 115JC of the Income-tax Act and such income exceeds one crore rupees, the total amount payable as “advance ta x” on such income and sur charge thereon shall not exceed t he total amount payable as “advance tax” on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-taxAct, a nd such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon, sha ll not exceed the total amount paya ble as “advance ta x” on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in the case of every company having total income cha rgea ble to ta x under section 115JB of the Income-tax Act, a nd such income exceeds ten crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon, sha ll not exceed the total amount paya ble as “advance ta x” and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. (10) In cases to which Paragraph A of Part III of the First Schedule applies, where the assessee has, in the previous year or, if by virtue of any provision of the Income-tax Act, income-tax is to be cha rged in respect of the income of a period other than the previous year, in such other period, a ny net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in char ging Ex-530/20156 income-tax under sub-section (2) of section 174 or section 174A or section 175 or sub- section (2) of section 176 of the said Act or in computing the “advance tax” payable under Chapter XVII-C of the sa id Act, at the ra te or rat es in for ce,— (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 compr ised in the total income after the fir st two la kh fifty thousa nd rupees of the total income but without being liable to tax], only for the purpose of charging or computing such income-tax or, as the case may be, “advance ta x” in respect of the total income; a nd (b) such income-tax or, as the case may be, “advance ta x” shall be so char ged or computed as follows:— (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or “advance tax” shall be det ermined in res pect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were t he total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, andtheamount of income-tax or “advance tax” shall be determined in resp ect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income were t he total income; (iii) the a mount of income-tax or “advance tax” determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, “advance ta x” determined in accorda nce with sub- clause (ii) and the sum so arrived at shall be the income-tax or, as the case may b e, “advance tax” in respect of the total income: Provided that in the ca se of every individu al, being a resident in India, who is of the age of sixty years or mor e but less tha n eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the First Schedule, the pr ovisions of this sub-section shall ha ve effect as if for the words “two la kh fifty thousand rupees”, the words “three lakh rupees” had been substituted: Provided fur ther that in the ca se of every individu al, being a resident in India, who is of the age of eighty years or more at any time dur ing the previous year, referred to in item (III) of Paragraph A of Part III of the First Schedule, the pr ovisions of this sub-section shall ha ve effect as if for the words “two lakh fifty thousand rupees”, the words “five lakh rupees” had been substituted: Provided also that the amount of income-tax or “advance ta x” so arrived at, shall be increased by a surcharge for purposes of the Union calculated in each case, in the manner provided therein.Ex-530/2015 7 (11) T he amount of income-tax as specified in sub-sections (1) to (10) a nd as increased by the applica ble su rchar ge, for purposes of the Union, calculated in the manner provided therein, shall be further increased by an additional surchar ge, for purposes of the Union, to be called the “Education Cess on income-tax”, calculated at the rate of two per cent. of such income- tax a nd surcha rge so as to fulfil the commitment of the Government to provide and fina nce universalised qua lity basic education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deduct ed or collect ed under the sections of the Income-tax Act mentioned in sub-sections ( 5 ), ( 6 ), ( 7 ) and (8), ifthe income subjected todeduction of tax atsource or collection of tax at source is paid to a domestic company a nd a ny other person who is resident in India. (12) T he amount of income-tax as specified in sub-sections (1) to (10) a nd as increased by the applica ble su rchar ge, for purposes of the Union, calculated in the manner provided therein, shall also be increased by an additional sur char ge, for purposes of the Union, to be called the “S econdary a nd Higher Education Cess on income-tax”, calculated at the rate of one p er cent . of such income-tax and surcharge so as to fulfil the commitment of the Government to provide a nd fina nce secondary a nd higher education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under the sections of the Income-tax Act mentioned in sub-sections (5), (6), (7) and (8), if the income subjected to deduction of tax at source or collection of tax at source is paid to a domestic company and any other person who is resident in India. (13) For the purposes of this section a nd the Fir st Schedule,— (a) “domestic company” means an Indian company or any other company which, in res pect of its income liable to income-tax under the Income- tax Act, for the assessment year commencing on the 1st day of April, 2015, has ma de t he prescribed arr angements for the declaration a nd payment within India of the dividends (including dividends on prefer ence sha res) paya ble out of such income; (b) “insurance commission” means any remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) “net agricultural income”, in relation to a person, means the total amount of agricultural income, from whatever source derived, of that p er s on c omp u t ed in accorda nce with the rules contained in Pa rt IV of the Fir st Schedu le; (d) all other wor ds and exp ressions used in this section a nd the Fir st Schedule but not defined in this sub-section a nd defined in the Income-tax Act sha ll ha ve the meanings, respectively, assigned to them in that Act. Ex-530/20158 CHAPTER III DIRECT T AXES Income-tax 3.In section 2 of the Income-tax Act, with effect from the 1st day of April, 2016,— (a) for clause (13A), the following clause shall be substituted, namely:— ‘(13A) “business trust” means a trust registered as,— (i) an Infrastructure Investment Trust under the Secur ities and Exchange Board of India (Infrastructure Investment Trusts) Regulations,2014 ma de under the Securit ies and Exchange Board of India Act, 1992; or (ii) a Real Estate Investment Trust under the Securit ies and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992, andthe units of which are required to be listed on recognised stock exchange in a ccorda nce with the aforesaid regulations;’; (b) in clause (15),— (i) aft er the word “education,”, the word “yoga,” shall be inserted; (ii) for the first and the second provisos, the following proviso shall be substituted, namely:— “Provided that the advancement of a ny other object of general public utility sha ll not be a cha rita ble purpose, if it involves the carr ying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other cons ideration, irr espective of the nature of use or application, or retention, of the income fr om such activity, unless— (i) such activity is underta ken in t he course of act ual car rying out of such advancement of any other object of general public utility; and (ii) the aggregate receipts from such activity or act ivities dur ing the previous year, do not exceed twenty per cent. of the total receipts, of the trust or institution undertaking such activity or act ivities, of that previous year ;”; (c) in clause (24), after sub-clause (xvii), the following sub- clause shall be inserted, namely:— “(xviii) assista nce in the form of a subsidy or gra nt or ca sh incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in ca sh or kind to the assessee other than the 15 of 1992 15 of 1992Amendment of section 2. Ex-530/2015 9 subsidy or grant or reimbur sement which is taken into account for determination of the act ual cost of the asset in acordance with the provisions ofExplanation10 to clause (1) of section 43;”; (d) in clause ( 37A ), in sub-clause ( iii ), after the words “for the purposes of deduction of tax under”, the wor ds, figures a nd letters “section 194LBA or” shall be inserted; ‘(e) in clause (42A), in theExplanation1, in clause (i), after sub- clause (hc), the following sub-clauses shall be inserted, namely:— “(hd) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in cons ideration of a transfer referred to in clause (xviii) of section 47, there shall be included the period for which the unit or unit s in the cons olidating scheme of the mutual fu nd were held by the assessee; (he) in the case of a capital asset, being share or shares of a company, which is acquired by the non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the period shall be reckoned from the date on which a request for such redempt ion was made;”. 4.In section 6 of the Income-tax Act,— (i) in clause (1), theExplanationshall be numbered asExplanation 1 thereof and aft er Explanation 1 as so numbered, thefollowing Explanation shall beinserted, namely:— “ Explanation 2.—For the purposes of this cla u se, in the case of an individua l, being a cit izen of India a nd a member of the cr ew of a for eign bound ship leaving India, the period or periods of stay in India sha ll, in resp ect of such voya ge, be determined in the manner a nd subject to such conditions as may be prescribed.”; (ii) for cla use (3), the following clause shall be substituted with effect from the1st day of April, 2016, namely:— ‘(3) A company is sa id to be resident in India in any pr evious year, if— (i) it is an Indian company; or (ii) its place of effective management, in that year, is in India. Explanation.—For the purposes of this clause “place of ef fect ive management” means a place where key management and commercial decisions that a re necess ary for the conduct of the business of an entity as a whole, a re in substa nce made.’. 5.In section 9 of the Income-tax Act, in sub-section (1), with effect fr om t he 1 st day of Apr il, 2016,— (A) in clause (i), aft er Explanation 5, the following Explanations sha ll be inserted, namely:— Amendment of section 6. Amendment of section 9.Ex-530/201510 ‘Explanation6.—For the purposes of this clause, it is hereby declared that— (a) the share or interest, referred to in Explanation 5, shall be deemed to derive its va lue substantially fr om t he assets (whether tangible or intangible) located in India, if, on the specified date, the value of such assets— (i) exceeds the amount of ten cr ore rupees; a nd (ii) represents at least fifty per cent. of the value of all the assets owned by the company or entity, as the ca se may be; (b) the value of an asset shall be the fair market value as on the specified date, of such asset without reduction of liabilities, if any, in respect of the asset, determined in such manner as may be prescribed; (c) “accounting period” means each period of twelve months ending with the 31st day of March: P rovided tha t wher e a compa ny or a n entity, r efer r ed to in Explanation5, regularly adopts a period of twelve months ending on a day other than the 31st day of Mar ch for the purpose of— (i) complying with the provisions of the tax la ws of the territory, of which it is a resident, for tax purposes; or (ii) repor ting to persons holding the sha re or interest, then, the period of twelve months ending with the other day shall be the accounting period of the company or, as the ca se may be, the entity: Provided fur ther that the first accounting period of the company or, as the ca se may be, the entity sha ll begin fr om the da te of its registr ation or incorporation a nd end with the 31st day of Ma rch or such other da y, as the ca se may be, following t he da te of such registration or incorpora tion, and the later accounting period shall be the successive periods of twelve months: Provided also that if the company or t he ent ity cea ses to ex ist befor e the end of accounting period, as aforesa id, then, the accounting period shall end immediately before the company or, as the case may be, the ent ity, cea ses to exist; (d) “sp ecif ied da te” mea ns the— (i) da te on which t he accounting period of the company or, as the ca se may be, the entity ends preceding t he da te of transfer of a sha re or an interest; or (ii) date of transfer, if the book value of the assets of the company or, as the ca se may be, the entity on the da te of tra nsfer exceeds the book value of the assets as on the date referred to in sub-clause (i), by fift een per cent.Ex-530/2015 11 Explanation7.—For the purposes of this clause,— (a) no income shall be deemed to accrue or arise to a non-resident fr om transfer, outside India, of a ny share of, or interest in, a company or an entity, r egistered or incorpora ted outside India, referred to in the Explanation5,— (i) if such company or entity directly owns the assets situated in India and the transferor (whether individually or along with its associated enterprises), at a ny time in the twelve months preceding the da te of transfer, neither holds the right of management or control in relation to such company or entity, nor holds voting power or share capital or interest exceeding five per cent. of the total vot ing power or total share capital or total interest, as the ca se may b e, of such company or entity; or (ii) if such company or entity indir ectly owns the assets situated in India and the tra nsferor (whether individua lly or along with its associated enterpr ises), at any time in the twelve months preceding the date of tr ansfer, neither holds t he right of management or control in relation to such company or entity, nor holds any right in, or in relation to, such company or entity which would entitle him to the right of management or control in the company or entity that directly owns the assets situated in India , nor holds such percentage of voting power or share capital or int erest in such company or entity which resu lts in holding of (either individually or along with associated enterprises) a voting power or share capital or interest exceeding five per cent. of the total voting power or total share capital or total interest, as the case may be, of the company or entity that directly owns the assets situated in India; (b) in a case where all the assets owned, directly or indirectly, by a company or, as the case may be, an entity referred to in theExplanation5, are not located in India, the income of the non-resident transferor, from transfer outside India of a share of, or interest in, such company or entity, deemed to accrue or arise in India under this clause, shall be only such part of the income as is reasonably attributable to assets located in India and determined in such manner as may be prescr ibed; (c) “a ssocia ted enterprise” shall ha ve the meaning assigned to it in section 92A;’; (B) in clause (v), after sub-clause (c), the following Explanation sha ll be ins erted, namely:— ‘Explanation.—For the purposes of this clause,— (a) it is hereby declared that in the case of a non-resident, being a person engaged in the business of banking, any interest payable by the perma nent esta blishment in India of such non-resident to the head office or any permanent establishment or any other part of such non- resident outside India shall be deemed to accrue or arise in India and Ex-530/201512 shall be chargeable to tax in addition to any income attributable to the permanent establishment in India and the permanent establishment in India shall be deemed to be a person separate and independent of the non-resident person of which it is a permanent establishment and the provisions of the Act relating to computation of total income, determination of tax and collection and recovery sha ll apply accordingly; (b) “permanent est ablishment” shall ha ve the meaning assigned to it in clause (iiia) of section 92F;’. 6.Aft er section 9 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:— ‘9A. (1) Notwithstanding anything contained in sub-section (1) of section 9 and subject to the pr ovisions of this section, in the ca se of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such fund shall not constitute business connection in India of the sa id fu nd. (2) Notwithstanding anything conta ined in section 6, an eligible inves tment fu nd sha ll not be sa id to be resident in India for the purpose of that section merely because the eligible fund manager, undertaking fu nd management activities on its behalf, is situated in India. (3) The eligible investment fund referred to in sub-section (1), means a fund established or incorporated or registered outside India, which collects funds fr om its memb ers for investing it for their benefit and fulfils the following conditions, namely:— (a) the fu nd is not a person resident in India; (b) the fund is a resident of a country or a specified territory with which an agreement refer red to in sub-section (1) of section 90 or sub- section (1) of section 90A has been entered into; (c) the aggregate participation or investment in the fund, directly or indirectly, by persons resident in India does not exceed five per cent. of the cor pus of the fund; (d) the fund and its activities are subject to applicable investor protection regula tions in the country or specified territory where it is established or incorpora ted or is a resident; (e) the fu nd has a minimum of twenty-five members who ar e, directly or indirectly, not connected persons; (f) any member of the fu nd along with connected per sons sha ll not have any participation interest, directly or indirectly, in the fund exceeding ten per cent.; (g) theaggregateparticipationinterest,directly or indirectly , of ten or less members along with their connected persons in the fund, shall be less than fifty per cent.; Insertion of new section 9A. Certain activities not to constitute business connection in Indian.Ex-530/2015 13 (h) the fund shall not invest more than twenty per cent. of its corpus in any entity; (i) the fu nd sha ll not ma ke any investment in its associate entity; (j) the monthly average of the cor pus of the fund shall not be less than one hundred crore rupees: Provided that if the fund has been established or incorporated in the previous year, the corpus of fund shall not be less than one hundr ed cr or e rupees at the end of such previous year; (k) the fund shall not carry on or cont rol and mana ge, directly or indirectly, any business in India or fr om India; (l) the fund is neither engaged in any activity which constitutes a business connection in India nor has any person act ing on its behalf whose activities constitute a business connection in India other than the act ivit ies undertaken by the eligible fund manager on its behalf; (m) the remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the ar m’s length pr ice of the sa id activity: Provided that the conditions specified in clauses (e), (f) and (g) shall not a pply in ca se of an investment fu nd set up by the Government or the Central Bank of a foreign Sta te or a sovereign fu nd, or such other fu nd as the Central Government may subject to conditions, if any, by notification in the Official Gazette, specify in this behalf. (4) T he eligible fund manager, in respect of an eligible investment fund, means any person who is engaged in the activity of fu nd management and fulfils the following conditions, namely:— (a) the person is not an employee of the eligible investment fu nd or a connected person of the fund; (b) t he p er s on is r egis t er ed a s a fu nd ma n a ger or a n in ves t ment a dvis or in a ccorda nce with the specified regulations; (c) the person is acting in the ordinary course of his business as a fund manager; (d) the person along with his connected persons shall not be entitled, directly or indirectly, to more than twenty per cent. of the profits accr uing or arising to the eligible investment fund fr om the tra nsactions carried out by the fund through the fu nd mana ger. (5) Every eligible investment fund shall, in respect of its activities in a financial year, furnish within ninety days from the end of the financial year, a statement in the prescribed form, to the prescribed income-tax authority containing information relating to the fulfilment of the conditions specified in this section a nd also provide such other relevant information or documents as may be prescribed. Ex-530/201514 (6) Nothing cont ained in this section shall apply to exclude a ny income fr om the total income of the eligible investment fund, which would ha ve been so included irr espective of whet her the activity of the eligible fu nd mana ger constituted the business connection in India of such fu nd or not. (7) Nothing contained in this section shall have any effect on the scope of total income or determina tion of total income in the ca se of the eligible fu nd mana ger. (8) The provisions of this section sha ll be applied in accor dance with such guidelines and in such manner as the Board may prescribe in this behalf. (9) For the purposes of this section,— (a) “associate” means an entity in which a director or a trustee or a partner or a member or a fund manager of t he investment fund or a director or a trustee or apartner or amember of the fu nd mana ger of such fund, holds, eit her individually or collectively, sha re or interest, being more than fift een per cent. of its share capital or interest, as the case may be; (b) “connected person” shall ha ve the mea ning assigned to it in cla use (4)of section 102; (c) “cor pus” means the total amount of funds raised for the purpose of investment by the eligible investment fund as on a par ticu lar da te; (d) “entity” means any entity in which an eligible investment fund makes an investment; (e) “specified regulations” means the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 or the Securities and Exchange Board of India (Investment Advisers) Regula tions, 2013, or such other regulations made under the Securities and Exchange Board of India Act, 1992, which may be notified by the Central Government under this clause.’. 7.In section 10 of the Income-tax Act,— (I) after clause (11), the following cla use shall be inserted, namely:— “(11A) any payment from an account, opened in accordance with the Suka nya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873;”; (II) in cla u s e (23C), after sub-clause (iiia), the following sub-clauses shall be inserted, namely:— “(iiiaa) the S wachh Bha rat Kosh, set up by the C entr al Government; or (iiiaaa) the Clean Ga nga Fund, set up by the Central Government; or”; (III) with effect from the 1st day of April, 2016— Amendment of section 10.15 of 1992 5 of 1873. Ex-530/2015 15 (a) after clause (23ED), the following clause shall be inserted, namely:— ‘(23EE) any specified income of su ch Core Set tlement Guara ntee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.—For the purposes of this clause,— (i) “r ecognised clearing corpora tion” sha ll ha ve the sa me meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clea ring Corpora tions) Regula tions, 2012 made under the Securit ies and Exchange Boa rd of India Ac t , 1 9 9 2 a nd t he S ecu r it ies C ont r a ct s (Regulation) Act, 1956”. (ii) “regulations” means the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 and the Securities Contracts (Regulation) Act, 1956; (iii) “specified income” shall mea n,— (a) the income by way of contribution received from specified persons; (b) the income by way of penalties imposed by the recognised clearing corpor ation and credited to the Cor e Settlement Guarantee Fund; or (c) the income fr om investment ma de by t he Fund; (iv) “s pecif ied per son” shall mea n,— (a) any recognised clearing corporation which establishes and maint ains the Core Settlement Guarantee Fund; a nd (b) any recognised stock exchange, being a shareholder in such recognised clearing corporation, or a contributor to the Core Settlement Guara ntee Fund; a nd (c) any clearing member contributing to the CoreS et t lement Guara ntee Fund;’; (b) in clause (23FB), before theExplanation, the following proviso shall be inserted, namely:—15 of 1992 42 of 1956.15 of 1992 42 of 1956. Ex-530/201516 “Provided that nothing contained in this clause shall apply in respect of a ny income of a venture capital company or venture capital fund, being an investment fund specified in cla use (a) of theExplanation1 to section115UB, of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2016;”; (c) after clause (23FB), the following clauses shall be inserted, namely:— ‘(23FBA) any income of an investment fu nd other than the income cha rgeable under the head “Profits and gains of business or profession”; ( 23FBB ) any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the sa me nature as income cha rgeable under the head “Profits and gains of business or profession”. Explanation.—F or the purposes of clauses (23FBA) and (23FBB), the express ion “investment fu nd” shall have t he meaning assigned to it in clause (a) of theExplanation1 to section 115UB;’; (d) after clause (23FC), the following clause shall be inserted, namely:— ‘(23FCA) any income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust. Explanation.—For the purposes of this clause, the expression “real estate asset” shall have the same meaning as assigned to it in clause (zj) of sub-regulation (1) of regulation 2 of the Securit ies and Exchange Boa rd of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992;’; ( e ) inclause (23FD), afterthe word, brackets,figuresandlet t er s “clause (23FC)”, the words, br ackets, figures and letters “or clause (23FCA)” sha ll be inserted; (f) in clause (38), the second proviso sha ll be omitted. 8.In section 11 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I) in sub-section (1), in Explanation , in clause (2), after sub-clause (b), in the longline, for the brackets, words and figures “(such option to be exercised in writing beforethe expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income)”, the brackets, words and figures “(such option to be excercised before the expiry of the time allowed under sub-section (1) of section 139 for fur nishing the return of income, in such form and manner as may be prescribed)” shall be substituted; 15 of 1992 Amendment of section 11.Ex-530/2015 17 (II) in sub-section (2), for cla uses (a) a nd (b) a nd t he first a nd second provisos, the following shall be substituted, namely:— “(a) such person furnishes a statement in the prescribed form and in the prescr ibed manner to the Assess ing Officer, stating the purpose for which theincome 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); (c) the statement referred to in cla use (a) is fu rnished on or before t he due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: Provided that in computing the period of five years referred to in clause (a), the period during which the income could not be applied for the p u r p os e for wh ich it is s o accumu la ted or s et a p a r t , d u e t o a n or der or injunction of any court, shall be excluded.”. 9.In section 13 of the Income-tax Act, after sub-section (8) and beforeExplanation1, the following sub-section shall be inserted with effect from the 1st day of April, 2016, namely:— “(9) Nothing contained in sub-section (2) of section 11 sha ll operate so as to exclude a ny income fr om the total income of the previous year of a person in receipt thereof, if— (i) the statement referred to in clause (a) of the said sub-section in respect of such income is not furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the pr evious yea r ; or (ii) the return of income for the previous year is not furnished by such person on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the said previous year.”. 10.In section 32 of the Income-tax Ac t, in sub-section (1), with effect fr om t he 1 st day of Apr il, 2016,— (a) in clause (ii),— (A) in the second proviso, aft er the wor ds, brackets, figures and let ter “ a s s et r efer r ed t o in cla u s e (i) o r c l a u s e (ii) or cla u s e (iia)”, the wor ds, brackets, figures and letter “or the first proviso to clause (iia)” shall be inserted; (B) after the second pr oviso, the following proviso sha ll be insert ed, namely:— “Provided also that where an asset referred to in clause (iia) or the first proviso to clause (iia), as the case may be, is acquired by the assessee Amendment of section 13. Amendment of section 32.Ex-530/201518 during the previous year and is put to use for the purposes of business for a period of less than one hundred and eighty days in that previous year, a nd t he deduction under this sub-section in respect of such asset is restricted to fifty per cent. of the amount calculated at the percentage prescribed for an asset under clause (iia) for that previous year, then, the deduction for the balance fifty per cent. of the amount calculated at the percentage prescribed for such asset under clause (iia) shall be allowed under this sub-section in the immediately succeeding previous year in resp ect of such asset;”; (b) in clause (iia),— (A) in the proviso, for the word “P rovided”, the words “ Provided further”shall be substituted; (B) before t he proviso, the following proviso shall be inserted, namely:— “Provided that where an assessee, sets up an undertaking or enterprise for manufacture or production of a ny art icle or thing, on or aft er t h e 1st day of April, 2015 in any backward area notified by theCentral Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the St ate of Telangana or in the St ate of West Bengal, and acqu ires and installs any new machinery or pla nt (ot her than ships and aircra ft) for the purposes of the sa id undertaking or enterpr ise during the period beginning on the 1st day of April, 2015 and ending before the1st day of April, 2020 in the said backward area, then, the provisions of clause (iia) shall have effect, as if for the wor ds “twenty per cent.”, the words “thirty-five per cent.” had been substituted.”. 11.After section 32AC of the Income-tax Act, the following section shall be inserted with effect fr om the 1st day of Apr il, 2016, namely:— ‘32AD. (1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any article or thing, on or aft er t he 1 st day of Apr il, 2015 in a ny backward area notified by the Central Government in this behalf, in t he State of Andhra Pra desh or in the Sta te of Bihar or in the Sta te of Telangana or in the Sta te of West Bengal, and aquires a nd installs a ny new asset for the purposes of the sa id undertaking or enterprise dur ing the period beginning on the 1st day of April, 2015 and ending before the 1st day of Apr il, 2020 in the said backward area, then, there shall be allowed a deduction of a sum equal to fifteen per cent. of the actual cost of such new asset for the assessment year relevant to the previous year in which such new asset is installed. (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demer ger or reorganisation of business referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47, within a period of five years fr om the da te of its installation, the amount of deduction allowed under sub-section (1) in res pect of such new asset shall be deemed to be the income of the assessee cha rgeable under the head “Profits and gains of business or profession” of the previous Inser tion of new section 32AD. Investment in new plant or machinery in notified backward areas in certain State Ex-530/2015 19 year in which such new ass et is sold or otherwise transferred, in addition to taxability of gains, arising on account of transfer of such new asset. (3) Where t he new asset is sold or otherwise tr ansfer red in connection with the amalgamation or demerger or reorganisa tion of business referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47 within a period of five years from the date of its installation, the provisions of sub-section (2) s ha ll a p p ly t o t he a ma lga ma t ed company or the resulting company or the successor referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47, as the case may be, as they would have applied to the amalgamating company or the demerged company or the predecessor referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47. (4) For the purposes of this section, “new asset” means any new p la nt or machinery (other than a ship or aircr aft) but does not include— (a) any plant or machinery, which before its installation by the assessee, was used either within or outside India by any other person; (b) any plant or machinery installed in any office premises or any residentia l accommodation, including accommoda tion in the nature of a guest house; (c) any office appliances including computers or computer software; (d) any vehicle; or (e) a ny plant or machinery, the whole of the actual cost of which is allowed as deduction (whether by way of depreciation or otherwise) in computing the income chargeable under the head “Profits a nd ga ins of business or profession” of any previous year. ’. 12.In section 35 of the Income-tax Act, with effect from the 1st day of April, 2016,— (i) in sub-section (2AA), in the proviso, after the words “submit its repor t to the”,the words “Principal Chief Commissioner or Chief Commissioner or” shall be inserted; (ii) in sub-section (2AB),— (a) in cla u se (3), for the words “for audit of accounts ma intained for that facility”, the wor ds “fulfils such conditions with regard to maintenance of accounts and audit thereof a nd furnishing of reports in such manner as may be prescribed” sha ll be substituted; (b) in clause (4), after the words “approval of the said facility to the”, the wor ds “Principal Chief Commissioner or Chief Commissioner or” shall be ins er t ed. 13.In section 36 of the Income-tax Act, in sub-section (1), with effect from the 1st day of Apr il, 2016,—Amendment of section 35. Amendment of section 36.Ex-530/201520 (a) in clause (iii), in the proviso, the words “for extension of exis ting business or profession” shall be omit ted; (b) in clause (vii), after the proviso, the following proviso shall be inserted, namely:— “Provided fur ther that where the amount of such debt or pa rt thereof has been ta ken into account in computing t he income of the assessee of the previous year in which the amount of such debt or part thereof becomes irrecovera ble or of an earlier previous year on the basis of income computation and disclosure standards notified under sub-section (2) of section 145 without recor ding the same in the accounts, then, such debt or pa rt thereof sha ll be allowed in the previous year in which such debt or part thereof becomes irrecovera ble and it sha ll be deemed that such debt or pa rt thereof has been wr it ten off as irrecoverable in the accounts for the purposes of this clause.”; (c) after clause (xvi), the following cla use shall be inserted, namely:— “( xvii ) the amount of exp endit ure incu rred by a co-operative society engaged in the business of manufacture of sugar for purchase of sugar cane at a price which is equal to or less than the price fixed or approved by the Government.”. 14.In section 47 of the Income-tax Act, with effect from the 1st day of April, 2016,— (a) after clause (viaa), the following clause shall be inserted, namely:— “( viab ) any transfer, in a scheme of amalgamation, of a capital asset, being a share of a foreign company, referred to in theExplanation5 to clause (i) of sub-section (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the amalgamating foreign company to the amalgamated foreign company, if— (A) at least twenty-five per cent. of the shareholders of the amalga mating foreign compa ny continue to remain shareholders of t he ama lgama ted for eign company; a nd (B) such transfer does not attract tax on capital gains in the country in which the amalgamating company is incorporated;”; (b) a ft er cla u s e (vicb), the following clause shall be inserted, namely:— “(vicc) any transfer in a demer ger , of a capital asset, being a share of a foreign company, referred to in theExplanation5 to clause (i) of sub- section (1) of section 9, which derives, directly or indirectly, its value substantially from the share or shares of an Indian company, held by the demerged for eign company to the result ing for eign company, if— (a) the shar eholders, holding not less than three-four ths in value of the sha res of the demerged foreign company, cont inue to remain sha reholders of the resulting for eign company; a nd Amendment of section 47.Ex-530/2015 21 (b) such transfer does not attract tax on capital gains in the country in which the demerged for eign company is incorpora ted: Provided that the provisions of sections 391 to 394 of the Companies Act, 1956 shall not apply in case of demergers referred to in this clause;”; (c) a ft er cla u s e (xvii), the following clause shall be inserted, namely:— ‘(xviii) any transfer by a unit holder of a capital asset, being a unit or units, held by him in the consolidating scheme of a mutual fu nd, ma de in cons ideration of the allot ment to him of a capital asset, being a unit or units, in the consolida ted scheme of the mutual fu nd: Provided that the consolida tion is of two or more schemes of equity oriented fund or of two or more schemes of a fu nd other than equity oriented fund. Explanation.— For the purposes of this clause,— (a) “consolidated scheme” means the scheme with which the cons olidating scheme mer ges or which is for med as a result of such merger; (b) “consolidating scheme” means the scheme of a mutual fund which merges under the process of cons olidation of the schemes of mutual fu nd in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 ma de under the Securit ies a nd Exchange Boar d of India Act, 1992; (c) “equity oriented fund” shall ha ve the meaning assigned to it in clause (38) of section 10; (d) “mutual fund” means a mutual fu nd specified under clause (23D) of section 10.’. 15.In section 49 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I) in sub-section (1), in clause ( iii ), in sub-clause ( e ), for the wor ds, brackets,figu r es a nd let t er s “ or cla u s e (viaa) or cla u s e (vica) or cla u s e (vicb)”, the words, brackets, figures and letters “or clause (viaa) or clause (viab) or clause (vib) or clause (vica) or clause (vicb) or clause (vicc)” shall be substituted; (II) after sub-section (2AB), the following sub-section shall be inserted, namely:— ‘(2ABB) Where the capital asset, being share or shares of a company, is acqired by a non-r esident as sess ee on redemption of Global Depository Receipt s referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the cost of acqisit ion of the sha re or sha res sha ll be the price of such sha re or shares prevailing on any recognised stock exchange on the date on which a request for such redemption was made.Amendment of section 49. 1 of 1956. 15 of 1992. Ex-530/201522 Explanation.—For the purposes of this sub-section, “recognised stoc k excha nge” shall ha ve the mea ning assigned to it in cla use (ii) of the Explanation1 to sub-section (5) of section 43.’; (III) after sub-section (2AC), the following sub-section shall be insert ed, namely:— “(2AD) Where the capital asset, being a unit or units in a consolidated scheme of a mutual fu nd, became the property of the assessee in considera tion of a transfer referred to in clause (xviii) of section 47, the cost of acquisit ion of the as set shall be deemed to be t he cost of acquisit ion to him of t he unit or units in the consolida ting scheme of the mut ual fund.”. 16.In section 80C of the Income-tax Act,— (I) in sub-section (2), in clau se (viii), for the words “as subscription to”, the wor ds, brackets and figure “as subscription, in the na me of any person specified in sub-section (4), to” shall be substituted; (II) in sub-section (4), after clause (b), the following cla use shall be inserted, namely:— “(ba) for the purposes of cla use (viii) of that sub-section, in the ca se of an individual, the individual or any girl child of that individual, or any girl child for whom such person is the legal guardian, if the scheme so specifies;”. 17.In section 80CCC of the Income-tax Act, in sub-section (1), for the words “one lakh rupees”, the words “one hundred and fifty thousand rupees” shall be substituted with effect from the 1st day of April, 2016. 18.In section 80CCD of the Income-tax Act, with effect fr om the 1st day of April,2016,— (a) sub-section (1A) shall be omit ted; (b) after sub-section (1A), as so omitted, the following sub-section shall be inserted, namely:— “(1B) An assessee referred to in sub-section (1), shall be a llowed a deduction in computation of his total income, whether or not any deductions is allowed under sub-section (1), of the whole of the amount pa id or depos ited in the previous year in his account under a pension scheme notified or as may be notified by the Central Government, which shall not exceed fifty thousand rupees: Provided tha t no deduction under this sub-section sha ll be allowed in respect of the amount on which a deduction has been claimed and allowed under sub-section (1).”; (c) in sub-section (3),— (I) for the wor d, brackets and figure “sub-section (1)”, wher ever they occur, the wor ds, brackets, figures and letter “sub-section (1) or sub- section (1B)” shall be substituted; Amendment of section 80C. Amnedment of section 80CCC Amendment of section 80CCDEx-530/2015 23 (II) for the wor ds “under that sub-section”, the wor ds “under those sub- sections” sha ll be substituted; (d) in sub-section (4), for the wor d, brackets and figure “sub-section (1)”, the wor ds, brackets, figures and letter “sub-s ection (1) or sub- section (1B)” shall be substituted. 19.In section 80D of the Income-tax Act, with effect from the 1st day of Apr il, 2016,— (A) for the wor ds “fifteen thousand rupees”, wherever they occur, the wor ds“twenty-five thousand rupees” sha ll be substituted; (B) for the wor ds “twenty thousand rupees”, wherever they occur, the wor ds“thirty thousand rupees” shall be substituted; (C) in sub-section (2), after clause (b), the following shall be insert ed, namely:— “(c) the whole of the amount pa id on account of medical exp enditure incurred on the health of the assessee or any member of his family as does not exceed in the aggregate thirty thousand rupees; and (d) the whole of the amount paid on account of medical ex penditur e incurred on the health of any par ent of the assessee, as does not exceed in the aggregate thirty thousand rupees: Provided that the amount referred to in clause (c) or clause (d) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in for ce an insur ance on the health of such person: Provided further that the aggregate of the sum specified under clause (a) and clause (c) or the aggregate of the sum specified under clause (b) and clause (d) sha ll not exceed thirty thousand rupees.”; (D) for sub-section (3), the following sub-section shall be substituted, namely:— “(3) Where t he assessee is a Hindu undivided family, t he s um referred toin sub-section (1), shall be the aggregate of the following, namely:— (a) whole of the amount paid to effect or to keep in force an insurance on the hea lth of any member of that Hindu undivided family as does not exceed in the aggregate twenty-five thousand rupees; and (b) the whole of the amount pa id on account of medical expenditure incurred on the hea lth of any member of the Hindu undivided family as does not exceed in the aggregate thirty thousand rupees: Provided that the amount referred to in clause (b) is paid in respect of a very senior citizen and no amount has been paid to effect or to keep in for ce an insura nce on the health of such person: Provided further that the aggregate of the sum specified under clause (a)and clause (b) sha ll not exceed thirty thousand rupees.”; Amendment of section 80D. Ex-530/201524 (E) in sub-section (4), — (i) for the wor ds, brackets and figure “or in sub-section (3)”, the words,brackets, letter and figure “or clause (a) of sub-section (3)” shall be substituted; (ii) after the words “senior citizen,”, the words “or a very senior citizen,”sha ll be inserted; (iii) theExplanationsha ll be omit ted; (F) after sub-section (5), the following Explanation sha ll be inserted, namely:— ‘Explanation.—F or the purposes of this section,— (i) “senior citizen” means an individual resident in India who is of the age of sixty years or more at any time dur ing the relevant previous yea r ; (ii) “very senior citizen” means an individual resident in India who is of the age of eighty yea rs or mor e at any time during the relevant previous year.’. 20.In section 80DD of the Income-tax Act, with effect fr om the 1st day of Apr il, 2016, for sub-section (1), the following sub-section shall be substituted, namely:— “(1) Where an assessee, being an individual or a Hindu undivided family, who is a resident in India, ha s, dur ing the previous year,— (a) incu rr ed any expenditure for the medical treatment (including nursing), training and rehabilitation of a dependant, being a person with disability; or (b) paid or deposited any amount under a scheme framed in this behalf by the Life Insura nce Corporation or any other insurer or the Administr ator or the specified company subject to the conditions specified in sub-section (2) a nd appr oved by the Board in this behalf for the maintenance of a dependant, being a person with disability, the assessee sha ll, in accorda nce with a nd subject to the pr ovisions of this section, be allowed a deduction of a sum of seventy-five thousand rupees from his gross total income in respect of the previous year: Provided that where such dependant is a person with severe disability, the provisions of this sub-section shall have effect as if for the wor ds “ seventy-five thousand rupees”, the wor ds “one hundred and twenty-five thousand rupees” had been substit uted. ”. 21.In section 80DDB of the Income-tax Act, with effect from the 1st day of April,2016,— (i) for the first proviso, the following proviso shall be substituted, namely:—Amendment of section 80DD. Amendment of section 80DDB.Ex-530/2015 25 “Provided that no such deduction shall be allowed unless the assessee obtains the prescr iption for such medical treatment from a neurologist, an oncologist, a urologist, a haematologist, an immunologist or such other specialist, as may be prescribed:”; (ii) after the third proviso, the following proviso shall be inserted, namely:— ‘Provided also that where the amount actually paid is in respect of the assessee or his dependant or any member of a Hindu undivided family of the assessee and who is a very senior citizen, the provisions of this section shall have effect as if for the words “forty thousand rupees”, the words “eighty thousand rupees” had been substituted.’; (iii) in theExplanation,— (a) clause (ii) shall be omit ted; (b) after clause (iv), the following cla use shall be inserted, namely:— ‘(v) “very senior citizen” means an individual resident in India who is of the age of eighty yea rs or mor e at any time during the relevant previous year.’. 22.In section 80G of the Income-tax Act,— (A) in sub-section (1), in clause (i),— (I) after the words, brackets, figures and letters “sub-clause (iiihj) or”, the words, brackets, figures and letters “sub-clause (iiihk) or sub-clause (iiihl) or” shall be inserted; (II) after the words, brackets, figures and letters “sub-clause (iiihl) or”, as so inserted, the words, brackets, figures and letters “sub-clause (iiihm) or” shall be inserted with effect from the 1st day of April, 2016; (B) in sub-section (2), in clause (a),— (I) after sub-clause (iiihj), the following sub-clauses shall be insert ed, namely:— “( iiihk ) the Swachh Bharat Kosh, set up by the Central Government, other than the sum spent by the assessee in pursuance of Corporate Social Responsibility under sub-section (5) of section 135 of the Compa nies Act, 2013; or (iiihl) the Clean Ganga Fund, set up by the Central Government, where such assessee is a resident and such sum is other than the sum spent by the assessee in pursuance of Corporate Social Resp onsibility under sub- section (5) of section 135 of the Compa nies Act, 2013; or”; (II) the following sub-clause shall be inserted with effect from the 1st day of Apr il, 2016, namely:— Amendment of s e c t i o n 8 0 G. 18 of 2013. 18 of 2013. Ex-530/201526 “(iiihm) the National Fund for Control of Dr ug Abuse constituted under section 7A of the Narcotic Drugs and Psychotropic Substances Act, 1985; or”. 23.In section 80JJAA of the Income-tax Act, with effect from the 1st day of April,2016,— (a) in sub-section (1), the words, “being an Indian company,” shall be omitted; (b) in sub-section (2), for clause (a), the following cla use shall be substituted,namely:— “(a) if the fact ory is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation;”; (c) in theExplanation, in clause (i), for the words “one hundred workmen”, the words “fifty workmen” shall be substituted. 24.In section 80U of the Income-tax Act, with effect from the 1st day of April, 2016, for sub-section (1), the following sub-section shall be substituted, namely:— “(1) In computing the total income of an individual, being a resident, who, at any time dur ing t he previous year, is certified by the medical author ity to be a person with disability, there shall be allowed a deduction of a sum of seventy-five thousand rupees: Provided that where such individual is a person with severe disability, the provisions of this sub-section shall have effect as if for the wor ds “ seventy-five thousand rupees”, the wor ds “one hundred and twenty-five thousand rupees” had been substit uted. ”. 25.In section 92BA of the Income-tax Act, for the wor ds “five crore rupees” occurring at the end, the words “twenty crore rupees” shall be substituted with effect from the1st day of Apr il, 2016. 26.Section 95 of the Income-tax Act shall be numbered as sub- section (1) thereof, and after sub-section (1) as so numbered and before theExplanation, the following sub-section shall be inserted, namely:— “(2) This Chapter shall apply in respect of any assessment year beginning on or after the 1st day of April, 2018.”. 27.In section 111A of the Income-tax Act, in sub-section (1), the second proviso shall be omitted with effect from the 1st day of April, 2016. 28.In section 115A of the Income-tax Act , in sub-section (1), in clause (b), with effect from the 1st day of April, 2016,— (a) in sub-clause (A), for the words “twenty-five p er cent.”, the words “ten per cent.” shall be substituted;Amendment of section 80JJAA. Amendment of section 92BA. Amendment of section 95. Amendment of section 111A. Amendment of section 80U. Amendment of section 115A. Ex-530/2015 27 (b) in sub-clause (B), for the words “twenty-five p er cent.”, the words “ten per cent.” shall be substituted. 29.In section 115ACA of the Income-tax Act, after sub-section (3), in theExplanation, in clause (a), with effect from the 1st day of April, 2016, for the words “issued to non-resident investors against the issue of ordinary shar es or foreign currency convertible bonds of issuing company” occurring at the end, the following shall be substituted, namely:— “issued to investors against the issue of,— (i) ordinary sha res of issuing company, being a company listed on a recognised stock exchange in India; or (ii) foreign currency convertible bonds of issuing company;”. 30.In section 115JB of the Income-tax Act, in theExplanation 1 below sub-section (2), with effect from the 1st day of April, 2016,— (a) after clause (f), the following cla uses shall be inserted, namely:— “(fa) the amount or amounts of expenditure relatable to income, being sha re of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86; or (fb) the amount or amounts of expenditure relatable to income accruing or arising to an assess ee, being a for eign company, from,— (A) the capital ga ins arising on tra nsactions in securities; or (B) the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII, if the income-tax payable thereon in accorda nce with the pr ovisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or (fc) the amount represent ing notional loss on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allot ted by the trust refer red to in clause (xvii) of section 47 or the a mount representing notional loss resulting from a ny change in carrying amount of said units or the amount of loss on transfer of units referred to in clause (xvii) of section 47; or ”; (b) after clause (j), the following cla use shall be inserted, namely:— “(k) the amount of ga in on tr ansfer of units referr ed to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be;”; (c) a ft er cla u s e (iib), the following clauses shall be inserted, namely:— “(iic) the amount of income, being the share of the assessee in the income of an association of persons or body of individuals, on which no income- tax is paya ble in accorda nce with the pr ovisions of section 86, if any, such amount is credited to the profit and loss account; orAmendment of section 115ACA. Amendment of section 115JB. . Ex-530/201528 (iid) the amount of income accr uing or arising to an assessee, being a foreign company, from,— (A) the capital ga ins arising on tra nsactions in securities; or (B) the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII, if such income is credited to the profit and loss account and the income-tax paya ble thereon in accorda nce with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or (iie) the amount repr esenting,— (A) notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or (B) notional ga in resu lting fr om any cha nge in carrying amount of said units; or (C) gain on transfer of units referred to in clause (xvii) of section 47, if any, credited to the profit and loss account; or (iif) the amount of loss on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be; or”; (d) afterExplanation3, the followingExplanationsha ll be inserted, namely:— ‘Explanation4.—For the purposes of sub-section (2), the expression “ securities” shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.’. 31.In section 115U of the Income-tax Act, after sub-section (5), before theExplanation1, the following sub-section shall be inserted with effect fr om the 1st day of April, 2016, namely:— “(6) Nothing contained in this Chapter shall apply in respect of any income, of a previous year relevant to the assessment year beginning on or after the 1st day of April, 2016, accruing or arising to, or received by, a person fr om investments ma de in a venture capital company or venture capital fu nd, being an investment fund specified in clause (a) of theExplanation1 to section 115UB.”. 32.In section 115UA of the Income-tax Act, in sub-section (3), aft er the words, brackets, figures and letters “in clause (23FC)”, the words, brackets, figu res and lett ers “or cla u se (23FCA)” shall be inserted with effect from the 1st day of April, 2016. 42 of 1956. Amendment of section 115U. Amendment of section 115UA.Ex-530/2015 29 33. After Chapter XII-FA of the Income-tax Act, the following Chapter shall be inserted with effect fr om the 1st day of Apr il, 2016, namely:— ‘CHAPTER XII-FB SPECIAL PROVISIONS RELATING TO TAX ON INCOME OF INVESTMENT FUNDS AND INCOME RECEIVED FROM SUCH FUNDS 11 5UB. (1) Notwithstanding anything contained in any other provisions of this Act a nd subject to the pr ovisions of this Chapter, a ny income accr uing or arising t o, or received by, a person, being a unit holder of an investment fund, out of investments made in the investment fu nd, shall be chargeable to income- tax in the same manner as if it wer e the income accruing or arising to, or received by, such person had the investments made by the investment fund been made directly by him. (2) Where in any previous year, the net result of computation of total income of the investment fund [without giving effect to the provisions of clause (23FBA) of section 10] is a loss under any head of income and such loss cannot be or is not wholly set-off against income under any other head of income of the said previous year,then,— (i) such loss shall be allowed to be carried forward and it shall be set- off by the investment fu nd in accorda nce with t he provisions of Chapter VI; and (ii) such loss shall be ignored for the purposes of sub-section (1). (3) The income paid or credited by the investment fund shall be deemed to be of the sa me nature and in the sa me proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the investment fund dur ing the previous year subject to the provisions of sub-section (2). (4) T he total income of the investment fund shall be charged to tax— (i) at the ra te or rates as specified in the Fina nce Act of the relevant year, where such fund is a company or a firm; or (ii) at maximum marginal ra te in a ny ot her ca se. (5) The provisions of Chapter XII-D or Chapter XII-E shall not apply to the income paid by an investment fund under this Chapter. (6) The income accruing or arising to, or received by, the investment fund, dur ing a previous year, if not pa id or credited to t he person referred to in sub-section (1), shall subject to the pr ovisions of sub-section (2), be deemed to have been credited to the account of the said person on the last day of the pr evious yea r in t he sa me proportion in which such person would have been entitled to receive the income had it been paid in the previous year.Amendment of New Chapter XII-FB. Tax on in come of investment fund and its unit holders. Ex-530/201530 (7) The person responsible for crediting or making payment of the income on behalf of an investment fund and the investment fund shall furnish, within such time as may be prescr ibed, to the person who is liable to tax in respect of such income and to the prescr ibed income-tax authority, a statement in the prescr ibed for m and verified in such ma nner, giving deta ils of the nature of the income pa id or credited dur ing the previous year and such other relevant details, as may be prescribed. Explanation1.—For the purposes of this Chapter,— (a) “investment fund” means any fund established or incor p or a t ed in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category I or a Category II Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Boa rd of India Act, 1992; (b) “trust” means a trust established under the Indian Trusts Act, 1882 or under a ny other law for the time being in for ce; (c) “unit” means beneficial interest of an investor in the investment fu nd or a scheme of the investment fu nd a nd shall include sha res or pa rtnership interests. Explanation2.—For the removal of doubts, it is hereby declared that any income which has been included in total income of the person r efer r ed to in sub-section (1) in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included in the total income of such person in the previous year in which such income is actually paid to him by the investment fund.’. 34.In section 132B of the Income-taxAct, insub-section ( 1 ), inclause ( i ), with effect from the 1st day of June, 2015, for the words “deemed to be in defa ult, may be recovered out of such assets” occurr ing at the end, the wor ds, brackets, figures and letter “deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub- section (1) of section 245C, may be recovered out of such assets” shall be substituted. 35.In section 139 of the Income-tax Act, with effect from the 1st day of April, 2016,— (I). in sub-section (1),— ( A ) for fourth proviso, the following provisos shall be substituted, namely:— “Provided also that a person, being a resident other than not ordinar ily resident in India within t he meaning of cla use (6) of section 6, who is not required to furnish a return under this sub-section and who at any time dur ing the previous year,—15 of 1992. 2 o f 1882. Amendment of section 132B. Amendment of section 139.Ex-530/2015 31 (a) holds, as a beneficia l owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or (b) is a beneficiary of any asset (including any financial interest in any entity) loca ted outside India, sha ll furnish, on or befor e t he due da te, a ret urn in res pect of his inc ome or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed: Provided also tha t nothing conta ined in the four th proviso sha ll apply to an individual, being a beneficiary of any asset (including any financial interest in a ny entity) located outside India where, income, if any, arising fr om such asset is includible in the income of the person referred to in clause (a) of that proviso in accorda nce with the provisions of this Ac t :” ; (B) afterExplanation3, the followingExplanationsshall be insert ed, namely:— ‘ Explanation 4.—For the purposes of this section “beneficial owner” in respect of an asset means a n individual who has pr ovided, directly or indirectly, considera tion for the asset for the immediate or future benefit, dir ect or indirect, of himself or a ny other person. Explanation5.—For the purposes of this section “beneficiary” in respect of an asset means an individual who derives benefit from the asset dur ing the pervious year and the consideration for such asset has been provided by any person other than such beneficiary.’; (II) in sub-section (4C), in clause (e),— (a) after the words “other educational institution referred to in”, the wor ds, brackets, figures and letters “sub-cla use (iiiab) or” sha ll be inserted; (b) after the words “other medical institution referred to in”, the wor ds, brackets, figures and letters “sub-cla use (iiiac) or” sha ll be inserted; (III) after sub-section (4E), the following sub-section shall be inserted, namely:— “(4F) Every investment fund referred to in section 115UB, which is notrequired to furnish return of income or loss under any other provisions of thissection, sha ll furnish the return of income in resp ect of its income or loss in every previous year and all the provisions of this Act sha ll, so far as may be, apply as if it were a return required to be furnished under sub-section (1).”; (IV)in sub-section (6), for the words “assets of the prescribed nature, value and belonging to him”, the words “assets of the pr escribed nature a nd value, held by him as a beneficial owner or otherwise or in which he is a beneficiar y” shall be substituted. 36.For section 151 of the Income-t ax Act , the following section shall be substituted with effect from the 1st day of June, 2015, namely:—Substitution of new section for section 151 Sanction for issue of notice Ex-530/201532 “151. (1) No notice shall be issued under section 148 by an Assessing Officer, aft er the expiry of a period of four years fr om the end of the relevant assessment year, unless the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner is sa tisfied, on the reasons recorded by the Assessing Officer, that it is a fit case for the issue of such notice. (2) In a case other than a case falling under sub-section (1), no notice shall be issued under section 148 by an Assessing Officer, who is below the ra nk of Joint Commissioner, unless the Joint Commissioner is sa tisfied, on the reasons recorded by such Assess ing Officer, that it is a fit ca se for the issue of such notice. (3) For the purposes of sub-section (1) and sub-section (2), the Principal Chief Commissioner or the Chief Commissioner or the Principal C ommis s ioner or t he Commissioner or the Joint Commissioner, as the ca se may be, being satisfied on the reasons recorded by the Assessing Officer about fitness of a case for the issue of notice under section 148, need not issue such notice himself.”. 37.In section 153C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2015, for the portion beginning with the words and figures “Notwithstanding anything contained in section 139” and ending with the words “the Assessing Officer having jurisdiction over such other person”, the wor ds, figures, brackets and letters “Notwithstanding anything contained in section 139, section 147, section 148, section149, section 151 and section 153, where the Assessing Officer is satisfied that,— (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs to; or (b) any books of account or documents, seized or requisitioned, per ta ins or pertain to, or a ny information contained therein, relates to, a person other than the person referred to in section 153A, then, the books of account or documents or assets, seized or requisitioned shall be handed over to the Assess ing Officer ha ving jur isdiction over such other person” sha ll be substituted. 38.In section 154 of the Income-tax Act, with effect from the 1st day of June, 2015,— (i) in sub-section (1), after clause (c), the following cla use shall be inserted,namely:— “(d) amend any intimation under sub-section (1) of section 206CB.”; (ii) in sub-section (2), in clause (b), after the words “or by the deductor”, the words “or by the collect or” shall be inserted; (iii) in sub-section (3), aft er the wor ds “or the deductor” wher ever they occur, the wor ds “or the collect or” shall be inserted; Amendment of section 153C. Amendment of section 154.Ex-530/2015 33 (iv) in sub-section (5), aft er the wor ds “or the deductor” at both the pla c es where they occur, the wor ds “or the collect or” shall be inserted; (v) in sub-section (6), after the words “ or the deduct or” at both the pla ces where they occur, the wor ds “or the collect or” shall be inserted; (vi) in sub-section (8), after the words “ or by t he deductor”, the words “or by the collector” shall be inserted. 39.In section 156 of the Income-tax Act, in the proviso, with effect from the 1st day of June, 2015, for the words, brackets, figures and letter “by the deductor under sub-section (1) of section 143 or sub-section (1) of section 200A”, the wor ds, brackets, figures a nd letters “the deductor or the collector under sub-section (1) of section 143 or sub-section (1) of section 200A or sub-section (1) of section 206CB” shall be substituted. 40.Aft er section 158A of the Income-tax Act, the following section sha ll be ins erted with effect fr om the 1st day of June, 2015, namely:— “158AA. (1) Notwithstanding anything contained in this Act, where the Commissioner or Principal Commissioner is of the opinion that any question of law arising in the case of an assessee for any asses sment yea r (such case being her ein referred to as relevant ca se) is identical with a question of law arising in his case for another assessment year which is pending before the Supreme Court, in an appeal under section 261 or in a special leave petition under article 136 of the Constitution, against the order of the High Court in favour of the assessee (such case being her ein r eferred to as the other case), he may, instead of directing the Assessing Officer to a ppeal to the Appellate Tribunal under sub-section (2) or sub-section (2A) ofsection 253, direct the Assessing Officer to make an application to the Appellate Tribunal in the pr escribed form within sixty days fr om the date of receipt of the order of the Commissioner (Appeals) 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. (2) The Commissioner or Principal Commissioner shall dir ect the Assessing Officer to make an application under sub-section (1) only if an accepta nce is received from the assessee to t he 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 Commissioner or Principal Commissioner shall proceed in accor dance with the provisions contained in sub-section (2) or sub-section (2A) of section 253. (3) Where the or der of the Commissioner (Appeals) referred to in sub-section (1) is not in conformity with the final decision on the question of law in t he ot her ca se, the Commissioner or Principal Commissioner may direct the Assessing Officer to appeal to the Appellate Tribunal against such order and save as otherwise provided in this section all other provisions of Part B of Cha pter XX shall apply accordingly. Amendment of section 156. Inser tion of new section 158AA. Procedure when in an appeal by revenue an identical question of law is pending before Supreme CourtEx-530/201534 (4) Every appeal under sub-section (3) shall be filed wit hin sixty da ys fr om the date on which the or der of the Supreme Court in the other ca se is communicated to the Commissioner or Principal Commissioner. 41.In section 192 of the Income-tax Act, after sub-section (2C), the following sub-section shall be inserted with effect from the 1st day of June, 2015, namely:— “( 2D) The person responsible for making the payment referred to in sub-section (1) shall, for the purposes of estimating income of the a sses see or computing tax deductible under sub-section (1), obtain from the assessee the evidence or pr oof or pa rticulars of pr escribed cla ims (including cla im for set-off of loss) under the pr ovisions of the Act in such form a nd manner as may be prescribed.”. 42.Aft er section 192 of the Income-tax Act, the following section sha ll be inserted with effect fr om t he 1st day of June, 2015, namely:— “192A.Notwithstanding anything contained in this Act, the trustees of the Emp loyees’ Provident Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated balance due to employees, shall, in a case where the accumulated balance due to an employee participating in a recognised provident fu nd isincludible inhis total income owing tothe pr ovisions of rule 8 of Pa rt A of the Fourth Schedule not being applicable, at the time of payment of the accumulated balance due to the employee, deduct income-tax thereon at t he ra te of ten p er cent.: Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payment to the payee is less than thirty thousand rupees: Provided further that any person entitled to receive any amount on which tax is deductible under this section shall furnish his permanent account number to the person responsible for deducting such tax, failing which tax shall be dedu cted at t he ma ximu m marginal rate.”. 43.In section 194A of the Income-tax Act, in sub-section (3), with effect from the 1st day of June, 2015,— (a) in clause (i), a ft er the p roviso, the following proviso sha ll be inserted, namely:— “Provided further that the amount referred to in the first proviso shall be computed with reference to the income credited or paid by the banking company or the co-operative society or the public company, asthe case may be, where such banking company or the co-operative society or the public company has adopted core banking solutions;”; (b) in clause (v), for the wor ds “pa id by a co-operative society to a member thereof or”, the words and brackets “paid by a co-operative societyAmendment of section 192. Insertion of new section 192A. Amendment of section 194A. 19 of 1952.Ex-530/2015 35 Payment of ac- cumulated bal- ance due to an employee (other tha n a co-operative bank) to a member thereof or to such income credited or paid by a co-operative society” shall be substituted; (c) after clause (v), the followingExplanationshall be inserted, namely:— ‘Explanation.—F or the purposes of this cla use, “co-opera tive ba nk” shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949;’; (d) f or cla u s e (ix), the following clauses shall be substituted, namely:– “(ix) to such income credited by way of interest on the compensation amount awarded by the Motor Accidents Claims Tribunal; (ixa) to such income pa id by way of interest on t he compensation amount awarded by the Motor Accidents Cla ims Tribunal where the amount of such income or, as the case may be, the aggregate of the amounts of such income pa id dur ing the financial year does not exceed fifty thousand rupees;”; (e) inExplanation1 below clause (xi), for the wor d “excluding”, the word“including” sha ll be substituted. 44.In section 194C of the Income-tax Act, in sub-section (6), with effect from the 1st day of June, 2015, for the words “on furnishing of”, the wor ds “where such contractor owns ten or less goods ca rria ges at a ny time dur ing the previous year a nd fu rnishes a declaration to that effect along with” shall be substituted. 45.In section 194-I of the Income-tax Act, with effect from the 1st day of June, 2015, after the second proviso, the following proviso shall be inserted, namely:— “Provided also that no deduction shall be made under this section where the income by way of rent is credited or paid to a business trust, b ei ng a r ea l es t a t e inves tment tru st, in resp ect of any real est ate asset, referred to in clause (23FCA) of section 10, owned directly by such business trust.”. 46.In section 194LBA of the Income-tax Act, with effect fr om the 1st day of June,2015,— (a) in sub-section (1), aft er the wor ds, brackets, figu res and lett ers “in clause ( 23FC )”, the wor ds, brackets, figures and letters “or clause ( 23FCA )” shall be inserted; (b) in sub-section (2), for the words “being a non-resident, not being a company”, the words and brackets “being a non-resident (not being a company)” shall be substituted; (c) after sub-section (2), the following sub-section shall be inserted, namely:— Amendment of section 194C. Amendment of section 194-1. Amendment of section 194LBA.Ex-530/201536 10 of 1949. “(3) Where any distributed income referred to in section 115UA, being ofthe nature referred to in clause (23FCA) of section 10, is payable by a business trust to its unit holder, being a non-resident (not being a company), or a for eign company, the person responsible for making the payment sha ll at the time of credit of such payment to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or dra ft or by any other mode, whichever is earlier , deduct income-tax thereon at t he ra tes in for ce.”. 47. After section 194LBA of the Income-tax Act, the following section sha ll be inserted with effect fr om t he 1st day of June, 2015, namely:— ‘194LBB. Where a ny income, other than that pr oportion of income which is of the sa me nat ure as inc ome referred to in cla use (23FBB) of section 10, is paya ble to a unit holder in respect of units of an investment fund specified in clause (a) of the Explanation 1 to section 115UB, the person responsible for making the payment shall, at the time of credit of such income to the account of pa yee or at the time of pa yment thereof in ca sh or by issue of a cheque or dra ft or by any other mode, whichever is earlier, deduct income-tax thereon at the ra te of ten per cent. Explanation.—F or the purposes of this section,— (a) “unit” shall have the meaning assigned to it in clause (c) of theExplanation1 to section 115UB; (b) where any income as aforesaid 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 income, such crediting shall be deemed to be the cr edit of such income to the account of the payee, and the provisions of this section shall apply accordingly. ’. 48.In section 194LD of the Income-tax Act, in sub-section (2), with effect fr om the1st day of June, 2015, for the figures, letters and wor ds “1st day of June, 2015”, the figures, letters and words “1st day of July, 2017” shall be substituted. 49.In section 195 of the Income-tax Act, for sub-section (6), the following sub-section shall be substituted with effect from the 1st day of June, 2015, namely:— “(6) The person responsible for paying to a non-resident, not being a company, or to a for eign company, a ny sum, whether or not chargea ble under the pr ovisions of this Act, shall fur nish the information relating to payment of such sum, in such form and manner, as may be prescribed.”. 50.In section 197A of the Income-taxAct, with effect from the 1st day of June, 2015,— Inser tion of new section 194LBB Income in respect of units of investment fund. Amendment of section 194LD. Amendment of section 195. Amendment of section 197A.Ex-530/2015 37 (i) in sub-section (1A), for the words, figures and letter “section 193 or section194A” at both the places where they occur, the words, figures and lett ers “sect ion192A or section 193 or section 194A or section 194DA” sha ll respectively be substituted; (ii) in sub-section (1C), for the words, figures and letter “section 193 or section194 or section 194A” at both the places where they occur, the words, figures and letters “section 192A or section 193 or section 194 or section 194A or section 194DA” shall respectively be substituted. 51.In section 200 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of June, 2015, namely:— “(2A) In case of an office of the Government, where the sum deducted in accordance with the foregoing provisions of this Chapter or ta x r efer r ed to in sub-section (1À) of section 192 has been paid to the credit of t he Central Government without the product ion of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing a nd Disbursing Officer or a ny other person, by whatever name called, who is responsible for crediting s u ch su m or t a x t o t he cr edit of the C ent r al Government, sha ll deliver or cause to be delivered to the prescribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be prescribed.”. 52.In section 200A of the Income-tax Act, in sub-section (1), for clauses (c) to (e), the following clauses shall be substituted with effect from the 1st day of June, 2015, namely:— “(c) the fee, if any, shall be computed in accor dance with the provisions of section 234E; (d) the sum paya ble by, or the amount of refund due to, the deductor shall be determined after adjustment of the amount computed under clause (b) and clause (c) against any amount paid under section 200 or section 201 or section 234E and any amount paid otherwise by way of tax or interest or fee; (e) an intimation shall be prepared or generated and sent to the deductor specifying the sum det ermined to be payable by, or the amount of refund due to, him under clause (d); and (f) the amount of refund due to the deductor in pursuance of the determination under cla use (d) shall be granted to the deductor.”. 53.In section 203A of the Income-tax Act, after sub-section (2) , t h e f o l l o w i n g sub -sect ion shall be inserted with effect fr om t he 1 st day of June, 2015, namely:— “(3) The provisions of this section shall not apply to such person, as may be notified by the Central Government in this behalf.”.Amendment of section 200. Amendment of section 200A. Amendment of section 203A. Ex-530/201538 54.In section 206C of the Income-tax Act, after sub-section (3), the following sub-sections shall be inserted with effect from the 1st day of June, 2015, namely:— “(3A) In case of an office of the Government, where the amount collected under sub-section (1) or sub-section (1C) or sub-section (1D) has been pa id to the credit of the Central Government without the product ion of a challan, the Pay and Accounts Officer or the Treasury Officer or the Cheque Drawing a nd Disbursing Officer or any other person, by whatever na me called, who is responsible for cr edit ing s u ch t a x t o t he credit of the Central Government, shall deliver or cause to be delivered to t he pr escribed income-tax authority, or to the person authorised by such authority, a statement in such form, verified in such manner, setting forth such particulars and within such time as may be pr escribed. (3B) The person referred to in the proviso to sub-section (3) may also deliver to the prescribed authority under the sa id proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.”. 55.Aft er section 206CA of the Income-tax Act, the following section sha ll be ins erted with effect fr om the 1st day of June, 2015, namely:— ‘206CB. (1) Where a statement of tax collection at source or a cor rection statement has been made by a person collecting any sum (herein referred to as collector) under section 206C, such statement shall be processed in the following manner, namely:— (a) t he su ms collectible under this Chapter shall be comp uted aft er making the following adjustments, namely:— (i) any arithmetical error in the statement; ( ii ) an incorrect claim, apparent from any information in the statement; (b) the interest, if any, sha ll be comp uted on the basis of the sums collectible as computed in the statement; (c) the fee, if any, shall be computed in accorda nce with the pr ovisions of section 234E; (d) the sum payable by, or the amount of refund due to, the collector, shall be determined after adjustment of the amount computed under clause (b) and clause (c) against any amount paid under section 206C or section 234E and any amount paid otherwise by way of tax or interest or fee; (e) an intimation shall be prepared or generated and sent to the collector specifying the s um determined to be payable by, or the amount of refund due to, him under clause (d); a nd (f) the amount of refund due to the collector in pursuance of the determination under clause (d) sha ll be gra nted to the collect or: Amendment of section 206A. Inser tion of new section 206CB Processing of statements of tax collected at source.Ex-530/2015 39 Provided that no intimation under this sub-section shall be sent after the exp iry of the period of one year fr om t he end of the financial year in which the statement is filed. Explanation.—F or the purposes of this sub-section, “an incor rect claim apparent fr om a ny information in the statement” shall mean a cla im, on the basis of an entry, in t he statement— (i) of an item, which is inconsistent with another entry of the sa me or some other item in such statement; (ii) in respect of rate of collection of tax at source, where such rate is not in accorda nce with the provisions of this Act. (2) The Board may make a scheme for centralised processing of statements of tax collected at source to expeditiously determine the tax payable by, or the refund due to, the collect or, as required under sub-section (1).’. 56.In section 220 of the Income-tax Act, after sub-section (2B), the following sub-section shall be inserted with effect from the 1st day of June, 2015, namely:— “(2C) Notwithstanding anything conta ined in sub-section (2), where interest is charged under sub-section (7) of section 206C on the amount of tax specified in the intimation iss ued under sub-section (1) of section 206CB for any period, then, no interest shall be charged under sub-section (2) on the sa me amount for the sa me period.”. 57.In section 234B of the Inc ome- tax Act, with effect fr om the 1st day of June, 2015,— (i) after sub-section (2), the following sub-section shall be inserted, namely:— “(2A) (a) where an application under sub-section (1) of section 245C forany assessment year has been made, the assessee shall be liable to pay simple interest at the ra te of one per cent. for every month or pa rt of a month comprised in the period commencing on the 1st day of April of such assessment year and ending on the da te of making such application, on the additional amount of income-tax referred to in that sub-section; (b) where as a result of an or der of the Settlement Commission under sub-section (4) of section 245D for any assessment year, the amount of total income disclosed in the application under sub-section (1) of section 245C is increas ed, t he assessee shall be lia ble to p ay simple interest at t he ra te of one per cent. for every month or part of a month compr is ed in the period commencing on the 1st day of Apr il of such assessment year and ending on the da te of such order, on the amount by which the tax on the total income determined on the basis of such or der exceeds the t ax on the total income disclosed in the application filed under sub-section (1) of section 245C; (c) wher e, as a result of an order under sub-section ( 6B ) of section 245D, the amount on which interest was payable under clause (b) has been increased or reduced, as the case may be, the interest shall be increased or Amendment of section 220. Amendment of section 234B. Ex-530/201540 redu ced accordingly.”; (ii) for sub-section (3), the following sub-section shall be substituted, namely:— “(3) Where, as a result of an order of reassessment or recomputationunder section 147 or section 153A, the amount on which interest was payable inrespect of shortfall in payment of advance tax for any financial year under sub-section (1) is increased, the assessee shall be liable to pay simple interest at the rate of one per cent. for every month or part of a month comprised in the period commencing on the 1st day of April next following such financial year and ending on t he da te of the reassessment or recomputation under section 147 or section 153A, on the amount by which the tax on the total income determined on the basis of the reassessment or recomputation exceeds the tax on the total income determined under sub- section (1) of section 143 or on the basis of the regular assessment as referred to in sub-section (1), as the case may be.”; (iii) in sub-section (4), the words, brackets, figures and letter “or an order of the Settlement Commission under sub-section (4) of section 245D” sha ll be omitted. 58.In section 245A of the Income-tax Act, in clause (b), in the Explanation, with effect from the 1st day of June, 2015,— (A) for cla u s e (i), the following cla use shall be substituted, namely:— “(i) a pr oceeding for assessment or reassessment or recomputa tion under section 147 shall be deemed to ha ve commenced— (a) fr om the da te on which a notice under section 148 is issued for any assess ment yea r; (b) from the date of issuance of the notice referred to in sub-clause (a), for any other assess ment year or assess ment years for which a notice under section 148 has not been issued, but such notice could have been issued on such date, if the return of income for the other assessment year or assessment years has been furnished under section 139 or in response to a notice under section 142;”; (B) in clause (iv), for the words, figure and letters “from the 1st day of the assessment year a nd concluded on the da te on which the assessment is made” occurring at the end, the words a nd figures “from the da te on which the return of income for that assessment year is fu rnished under section 139 or in resp onse to a notice served under section 142 and concluded on the da te on which the assessment is made; or on the exp iry of two years fr om the end of the relevant assessment year, in ca se where no a ssessment is made” sha ll be substituted. 59.In section 245D of the Income-tax Act, for sub-section (6B), with effect from the1st day of June, 2015, the following sub-section shall be substituted, namely:— “(6B) T he Settlement Commission ma y, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub- Amendment of section 245A. Amendment of section 245D.Ex-530/2015 41 section (4)— (a) at a ny time wit hin a period of six months fr om the end of the month in which the order was passed; or (b) at any time within the period of six months fr om t he end of the month in which an application for rectification has been made by the P r inc i p a l Commissioner or the Commissioner or the applica nt, as the ca se may b e: Provided that no application for rectification shall be made by the Principal Commissioner or the Commissioner or the applicant after the expiry of six months from t he end of the month in which an or der under sub-section (4) is passed by the Set tlement Commission: Provided further that an amendment which has t he effect of modifying the liability of the applicant sha ll not be ma de under this sub-section unless the Settlement Commission has given notice to the applicant and the P r inc i p a l Commissioner or Commissioner of its intention to do so and has allowed the applicant a nd the Principal Commissioner or Commissioner an opportunity of being hear d.”. 60.In section 245H of the Income-tax Act, in sub-section (1), with effect from the1st day of June, 2015, after the words “subject to such conditions as it may think fit to impose”, the words “for the reasons to be recorded in writing” shall be inserted. 61.In section 245HA of the Income-tax Act, in sub-section (1), with effect from the1st day of June, 2015,— (A) after cla use (iii), the following cla use shall be inserted, namely:— “(iiia) in respect of any application made under section 245C, an order under sub-section (4) of section 245D has been passed not providing for the terms of settlement; or ”; (B) in theExplanation, after clause (c), the following cla use shall be inserted, namely:— “(ca) in respect of an application referred to clause (iiia), the day on which the order under sub-section (4) of section 245D was passed not providing for the terms of settlement;”. 62.In section 245K of the Income-taxAct, with effect from the 1st day of June, 2015,— (A) in sub-section (1), for the words “he sha ll not be entitled t o apply”, thewords and brackets “he or any person related to such person (her ein referred to asrelated person) sha ll not be entitled to apply” sha ll be substituted; (B) in sub-section (2), for the wor ds “shall not be subsequently ent itled”, the words “or any related person shall not be subsequently entitled” shall be substituted; (C) after sub-section (2), the following Explanation shall be inserted, Amendment of section 245H. Amendment of section 245HA. Amendment of section 245K.Ex-530/201542 namely:— ‘Explanation.—For the purposes of this section, “related person” with respect to a person means,— (i) where such person is an individual, any company in which such person holds more than fifty per cent. of the sha res or voting rights at any time, or a ny firm or association of persons or body of individuals in which such person is entitled to more than fifty per cent. of the profits at any time, or any Hindu undivided family in which such person is akarta; (ii) where such person is a company, any individual who held more than fifty p er cent. of the sha res or voting rights in such company at any time before the date of application before the Settlement Commission by su ch person; (iii) where such person is a firm or association of persons or body of individua ls, any individual who was entitled to more than fifty per cent. of the profits in such fir m, association of persons or body of individua ls, at any time before the date of application before the Settlement Commission by such person; (iv) where such person is a Hindu undivided family, thekartaof that Hindu undivided family.’. 63.In section 245-O of the Income-tax Act, in sub-section (3), for clause (d), the following cla use shall be substituted, namely:— “(d) a law Memb er from the Indian Legal Service, who is, or is qualified to be, anAdditional Secretary to the Government of India.”. 64.In section 246A of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2015,— (a) in the opening portion, after the words “ or a ny deductor”, the words “ or any collector” shall be inserted; (b) in clause (a), for the words, brackets, figures and letter “sub- section (1) of section 200A, where the assessee or the deductor”, the wor ds, brackets, figu res and lett ers “sub-section (1) of section 200A or sub-section (1) of section 206CB, where the assessee or the deductor or the collect or” shall be substituted. 65.In section 253 of the Income-tax Act, in sub-section (1), after clause (e), the following clause shall be inserted with effect from the 1st day of June, 2015, namely:— “(f) an order passed by the prescribed authority under sub- clause (vi) or sub-clause (via) of clause (23C) of section 10.”. 66.In section 255 of the Income-tax Act, in sub-section (3), withAmendment of section 245-O. Amendment of section 246A. Amendment of section 253.Ex-530/2015 43 effect fr om the 1st day of June, 2015, for the wor ds “five hundred thousand rupees”, the words “fifteen lakh rupees” shall be substituted. 67.In section 263 of the Income-tax Act, in sub-section (1), the Explanationshall be numbered asExplanation1 thereof a nd after Explanation1 as so numbered, t he followingExplanationshall be inserted with effect fr om the 1st day of June, 2015, namely:— “Explanation2.—For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue, if, in the opinion of the Principal Commissioner or Commissioner,— (a) the order is passed without making inquiries or verification which should have been made; (b) the order is passed allowing any relief without inquiring into the claim; (c) the order has not been made in accordance with a ny order, direction orinstruction issued by the Board under section 119; or (d) the or der has not been passed in accorda nce with a ny decision which is prejudicial to the asses see, rendered by the jurisdictional High Court or Supreme Court in the ca se of the assessee or any other person.”. 68.For section 269SS of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2015, namely:— ‘269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system thr ough a ba nk account, if,— (a) the amount of such loan or deposit or specified sum or the aggregate amount of such loa n, deposit a nd specified su m; or (b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person fr om the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or (c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or mor e: Provided that the provisions of this section shall not apply to a ny loa n or deposit or specified sum taken or accepted from, or any loan or deposit or specified sum taken or accepted by,— Amendment of section 255. Amendment of section 263. Substitution of new section for section 269SS. Mode of taking or accepting certain loans, deposits and specified sum Ex-530/201544 (a) the Government; (b) a ny banking company, post office savings ba nk or co-operative bank; (c) a ny corporation est ablis hed by a Central, St ate or Pr ovincial Act; (d) any Government company as defined in clause (45) of section 2 of the Compa nies Act, 2013; (e) such other institution, association or body or class of institutions, associations or bodies which the Central Government ma y, for reasons to be recorded in writing, notify in this behalf in the Official Gazette: Provided further that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agr icultural income and neither of them has any income chargeable to tax under this Act. Explanation.–For the purposes of this section,— (i) “banking company” means a company to which the provisions of the Banking Regulation Act, 1949 applies and includes any ba nk or banking institution referred to in section 51 of that Act; (ii) “co-operative bank” shall have the same meaning as assigned to it in Pa rt V of the Banking Regulation Act, 1949; (iii) “loan or deposit” means loan or deposit of money; (iv) “specified sum” means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer ta kes place.’. 69.In section 269T of the Income-taxAct, with effect from the 1st day of June, 2015,— (A) in the opening portion— (a) after the words “repay any loan or deposit made with it”, the wor ds “or any specified advance received by it” sha ll be inserted; (b) after the words “made the loan or deposit”, the words “or paid the specified advance,” sha ll be inserted; (B) in clause (a), aft er the wor ds “loan or depos it”, the wor ds “or specified advance” sha ll be inserted; (C) in clause (b), the word “or” shall be inserted at the end; (D) after clause (b) a nd before the long line, the following clause sha ll be inserted, namely:— “(c) the aggregate amount of the specified advances received by such person either in his own name or jointly with any other person on the 10 of 1949. 10 of 1949. Amendment of section 269T. Ex-530/2015 45 18 of 2013. da te of such repayment together with the interest, if any, paya ble on such specified advances,”; (E) in the second proviso, aft er the wor ds “a ny loan or depos it”, the wor ds “or specified adva nce” sha ll be inserted; (F) in theExplanation, after clause (iii), the following clause shall be ins erted, namely:— ‘(iv) “specified adva nce” means a ny sum of money in the nature of advance, by whatever name called, in relation to transfer of an immova ble property, whether or not the transfer ta kes place.’. 70.In section 271 of the Income-tax Act, with effect from the 1st day of April, 2016, in sub-section (1), for Explanation 4, the following Explanation shall be substituted, namely:— “Explanation4.— For the purposes of clause (iii) of this sub- section,— (a) the amount of tax sought to be evaded s ha ll be deter mined in accordance with the following formula— (A – B) + (C – D) wher e, A = amount of tax on the total income assessed as per the provisions other than t he pr ovisions contained in section 115JB or section 115JC (her ein called general provisions); B = amount of tax that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished; C = amount of tax on the total income assessed as per the provisions contained in section 115JB or section 115JC; D = amount of tax that would have been chargeable had the total income assessed as per the pr ovisions contained in section 115JB or section 115JC been reduced by the amount of income in respect of which particulars ha ve been concealed or ina ccur ate pa rticulars ha ve been fur nished: Pr ovided that where the amount of income in r espect of which particulars have been concealed or inaccurate particulars have been furnished on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduced from total income assessed while determining the amount under item D: Provided further that in a case where the provisions contained in section115JB or section 115JC are not applicable, the item (C–D) in the formula shall be ignored;Amendment of section 271. Ex-530/201546 (b) where in any case the amount of income in respect of which particulars ha ve b een conc ea led or ina ccur at e pa rt ic ular s have b een furnished has the effect of reducing the loss declared in the return or converting that loss into income, the amount of tax sought to be evaded shall be determined in accordance with the formula specified in clause (a) with the modification that the amount to be determined for item (A– B) in that formula shall be the amount of tax that would have been chargeable on the income in respect of which pa rticulars have been concealed or inaccurate particulars have been furnished had such income been the total income; (c) where in any case to whichExplanation3 applies, the amount of tax sought to be evaded shall be the tax on the total income assessed as reduced by the amount of adva nce tax, tax dedu cted at source, tax collected at source and self- assessment tax paid before the issue of notice under section 148.”. 71.In section 271D of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occurring at both the places, the words “or specified sum” shall be inserted with effect from the 1st day of June, 2015. 72.In section 271E of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occurring at both the places, the words “or specified adva nce” sha ll be inserted with effect fr om the 1st day of June, 2015. 73. After section 271FAA of the Income-taxAct, the following section sha ll be inserted with effect from the 1st day of April, 2016, namely:— “271FAB. If any eligible investment fund which is required to furnish a sta tement or a ny information or document, as required under sub-section (5) of section 9A fails to furnish such statement or information or docu ment within the time prescribed under that sub-section, the income-tax author ity pr escribed under the said sub-section may direct that such fund shall pay, by way of penalty, a sum of five hundred thousand r u p ees . ” . 74.Aft er section 271G of the Income-tax Act, the following section shall be inserted with effect fr om t he 1st day of Apr il, 2016, namely:— “271GA. If any Indian concern, which is required to furnish any information or document under section 285A, fails to do so, the income-tax authority, as may be prescribed under the said section, may direct that such Indian concern shall pay, by way of penalty,— (i) a sum equal to two per cent. of the value of the transaction in respect of which such failure has taken place, if such tra nsaction had the effect ofdirectly or indirectly tra nsferr ing the right of ma nagement or control in relation to the Indian concern; Amendment of section 271D. Amendment of section 271E. Inser tion of new section 271FAB. Inser tion of new section 271GA. Pen alty for failure to furnish in for mati on or document under section 285A. Pen alty for failure to furnish statement or in for mati on or ducument by an eligible investment fundEx-530/2015 47 (ii) a sum of five hundred thousand rupees in any other case.”. 75.Aft er section 271H of the Income-tax Act, the following section sha ll be ins erted with effect fr om the 1st day of June, 2015, namely:— “271-I. If a person, who is required to furnish infor mation under sub-section (6) of section 195, fails to furnish such information, or furnishes inaccura te information, the Assess ing Officer may dir ect that such person shall pay, by way of penalty, a sum of one lakh rupees.”. 76.In section 272A of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 2015,— (a) after clause (l), the following cla use shall be inserted, namely:— “(m) to deliver or cause to be delivered a statement within the time as may be prescribed under sub-section (2A) of section 200 or sub-section (3A) of section 206C,”; (b) in the fir st proviso, for the wor ds, brackets, figures and letter “st atements under sub-section (3) of section 200 or the proviso to sub-section (3) of section 206C”, the words, brackets, figures and letters “statements under sub-section (2A) or sub-section (3) of section 200 or the proviso to sub-section (3) or under sub-section (3A) of section 206C” shall be substituted. 77.In section 273B of the Income-tax Act,— (I) for the words, figures and letters “section 271FB, section 271G”, the words, figures and letters “section 271FAB, section 271FB, section 271G, section 271GA” shall be substituted with effect from the 1st day of April, 2016; (II) a f t er t he wo r d, figu r es a nd let t er “ s ec t ion 2 7 1 H”, t he wo r d, figu r es and let ter“section 271-I,” shall be inserted with effect from the 1st day of June, 2015. 78.Aft er section 285 of the Income-tax Act, the following section shall be inserted with effect fr om the 1st day of Apr il, 2016, namely:— “285A. Where any share of, or interest in, a company or an entity registered or incorpora ted outside India derives, directly or indirectly, its value substantially from the assets located in India, as referred to in Explanation5 to clause (i) of sub-section (1) of section 9, and such company or, as the case may be, entity, holds, directly or indirectly, such assets in India through, or in, an Indian concern, then, such Indian concern sha ll, for the purposes of determination of any income accr uing or arising in India under clause (i) of sub-section (1) of section 9, furnish within the prescribed period to the prescribed income-tax authority the information or documents, in such manner, as may be prescribed.”.Inser tion of new section 271-I Penalty for fail- ure to furnish information or furnishing inac- curate informa- tion under sec- tion 195. Amendment of section 272A. Amendment of section 273B. Inser tion of new section 285A. Furnishing of information or documents by an Indian con- cern in certain cases. Ex-530/201548 79.In section 288 of the Income-tax Act, with effect from the 1st day of June, 2015,— (i) after sub-section (2), for theExplanation, the following Explanation shall besubstituted, namely:— ‘Explanation.—In this section, “accountant” means a char tered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 who holds a valid certificate of practice under sub-section (1) of section 6 of that Act, but does not include [except for thepurposes of representing the assessee under sub-section (1)]— (a) in ca se of an assessee, being a company, the person who is not eligible for appointment as an auditor of the sa id company in accorda nce with the provisions of sub-section (3) of section 141 of the Companies Act, 2013; or (b) in a ny ot her case,— (i) the assessee himself or in case of the assessee, being a firm or association of persons or Hindu undivided family, a ny par tner of the firm, or member of the association or the family; (ii) in ca se of the assessee, being a trust or institution, any person referred to in clauses (a),(b), (c) and (cc) of sub-section (3) of section 13; (iii) in case of any person other than persons referred to in sub- clauses (i) and (ii), the person who is competent to verify the return under section 139 in accor dance with the provisions of section 140; (iv) any relative of any of the persons referred to in sub-clauses (i), (ii) and (iii); (v) an officer or employee of the as sess ee; ( vi ) an individual who is a partner, or who is in the employment, of an officer or employee of the asses see; (vii) an individual who, or his relative or partner— (I) is holding any security of, or interest in, the assess ee: Provided that the relative may hold security or interestin the assessee of the fa ce value not exceeding one hundredthousand rupees; (II) is indebted to the asses see: Provided that the relative may be indebted to the assessee for an amount not exceeding one hundred thousand rupees; (III) has given a guara ntee or provided any security in connection with the indebtedness of any third person to the a sses see: Provided that the relative may give guarantee or pr ovide any security in connection with the indebtedness of any third per son to the a sses see for an amount not exceeding one hundred thousand rupees;Amendment of section 288. 38 of 1949. 18 of 2013.Ex-530/2015 49 (viii) a person who, whether directly or indirectly, has business relationship with the assessee of such nature as may be pr escribed; (ix) a person who has been convicted by a court of an offence involving fraud and a period of ten years has not elapsed from the date of such conviction.’; (ii) in sub-section (4), for the por tion beginning with br ackets, letter and words “ (c) who has become an insolvent,” and ending with t he wor ds, brackets and letter “in the case of a person referred to in sub-clause (c)”, the following shall be substituted, namely:— “(c) who has become an insolvent; or (d) who has been convicted by a cou rt for an offence involving fra ud, shall be qualified to represent an assessee under sub-section (1), for all times inthe case of a person referred to in clause (a), for such time as the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner may by or der determine in t he ca se of a person referred to in clause (b), for the period during which the insolvency continues in the case of a person referred to in clause (c), a nd for a period of ten years fr om the da te of conviction in the case of a person referred to in clause (d).”; (iii) after sub-section (7), the following Explanation shall be inserted, namely:— ‘Explanation.—For the purposes of this section, “relative” in relation to an individual, means— (a) spouse of the individual; (b) brother or sister of the individu al; (c) brother or sister of the spouse of the individual; (d) any lineal ascendant or descendant of the individual; (e) any lineal ascendant or descendant of the spouse of the individual; (f) spouse of a person referred to in clause (b), clause (c), clause (d) or clause (e); (g) a ny lineal descendant of a brother or sister of eit her the individual or the spouse of the individual.’. 80.In section 295 of the Income-tax Act , in sub-section (2), after clause (h), the following clause shall be inserted with effect from the 1st day of June, 2015, namely:— “(ha) the procedure for granting of relief or deduction, as the case may be, of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, aga inst the income-tax payable under this Act;”. W ealth-tax Amendment of section 295. Ex-530/201550 81.In section 3 of the Wealth-tax Act, 1957, in sub-section (2), with effect from the 1st day of April, 2016, after the words, figures and letters “from the 1st day of April, 1993”, the words, figures and letters “but before the 1st day of April, 2016” shall be inserted. CHAPTER IV INDIRECT T AXES C ustoms 82. In the Customs Act, 1962 (hereinafter referred to as the Customs Act), in section 28,— (a) in sub-section (2), the following proviso shall be inserted, namely:— “Provided that where notice under clause (a) of sub-section (1) has been servedand the proper officer is of the opinion that the amount of duty along with interestpayable thereon under section 28AA or the amount of interest, as the case may be, as specified in the notice, has been paid in full within thirty da ys fr om the da te of receipt of the notice, no penalty sha ll be levied and the proceedings aga inst such person or other persons to whom the sa id notice is served under clause (a) of sub-section (1) shall be deemed to be concluded.”; (b) in s u b -s ect ion (5), for the words “twenty-five p er cent.”, the words “fifteen per cent.” shall be substituted; (c) afterExplanation 2, the followingExplanationsha ll be inserted, namely:— “Explanation 3.—For the removal of doubts, it is hereby declared that the proceedings in respect of any case of non-levy, short-levy, non-payment, s hor t - payment or erroneous refund where show cause not ice has been issued under sub- section (1) or sub-section (4), as the case may be, but an order determining duty under sub-section (8) has not been passed before the date on which the Finance Bill, 2015 receives the assent of the President, shall, without prejudice to the provisions of sections 135, 135A and 140, as may be applicable, be deemed to be concluded, if the payment of duty, interest and penalty under the proviso to sub-section (2) or under sub-section (5), as the ca se may b e, is ma de in full within thirty da ys fr om the da te on which such ass ent is received.”. 83. In the Customs Act, in section 112, in clause (b), for sub-clause (ii), the following sub-clause sha ll be substituted, namely:— “(ii) in the case of dutiable goods, other than prohibited goods, subject to the provisions of section 114A, to a penalty not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher: Provided that where such duty as determined under sub-section (8) of section28 and the interest payable thereon under section 28AA is paid within thirty da ys from the da te of communication of the or der of the proper officer det ermining such duty, the amount of penalty liable to be paid by such person under this section shall be twenty- five per cent. of the penalty so determined;”. 84.In the Customs Act, in section 114, for clause (ii), the following cla use shall be substituted, namely:—Amendment of Act 27 of 1957. Amendment of section 28. 52 of 1962. Amendment of section 112. Amendment of section 114.Ex-530/2015 51 “(ii) in the case of dutiable goods, other than prohibited goods, subject to the provisions of section 114A, to a penalty not exceeding ten per cent. of the duty sought to be evaded or five thousand rupees, whichever is higher: Provided that where such duty as determined under sub-section (8) of section28 and the interest payable thereon under section 28AA is paid within thirty da ys from the da te of communication of the or der of the proper officer det ermining such duty, the amount of penalty liable to be paid by such person under this section shall be twenty- five per cent. of the penalty so determined;”. 85.In the Customs Act, in section 127A, in clause (b), in the proviso, the words “ in any appeal or revision, as the ca se may be,” shall be omit ted. 86. In the Customs Act, in section 127B, sub-section (1A) shall be omit ted. 87.In the Customs Act, in section 127C, sub-section (6) shall be omit ted. 88.In the Customs Act, section 127E shall be omitted. 89.In the Customs Act, in section 127H, in sub-section (1), the Explanationsha ll be omitted. 90.In the Customs Act, in section 127L, in sub-section (1),— (a) in cla use (i), the wor ds, brackets, figu res a nd let ters “passed under sub-section (7) of section 127C, as it stood immediately before the commencement of section 102 of the Fina nce Act, 2007 or sub-section (5) of section 127C” shall be omitted; (b) in clause (ii), the wor ds, br ackets, figures a nd letter “under sa id sub-section (7), as it stood immediately before the commencement of section 102 of the Finance Act, 2007 or sub-section (5) of section 127C” shall be omit ted. Customs T ariff 91.In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Tarif f Act), the First Schedule shall be amended in the manner specified in t he Second Schedu le. Central Excise 92.In the Central ExciseAct, 1944 (hereinafter referred to as the Central ExciseAct), in sect ion 3 A, aft erExplanation 2, the following Explanationsha ll be inserted, namely:— ‘ Explanation 3. –– F or the purposes of sub-sections (2) and (3), the word “factor”includes “fa ctors”.’. Amendment of section 127A. Amendment of section 127B. Amendment of section 127C. Omission of section 127E. Amendment of section 127H. Amendment of section 127L. Amendment of section 3A. Amendment of First Schedule.22 of 2007. 22 of 2007. 51 of 1975. 1 of 1944. Ex-530/201552 93.In the Central Excise Act , in section 11A,–– (i) sub-sections (5), (6) and (7) sha ll be omit ted; (ii) in sub-sections (7A), (8) and clause (b) of sub-section (11), the wor ds, brackets and figure “or sub-section (5)”, wher ever they occur, sha ll be omit ted; (iii) inExplanation1,–– (A) in clause (b), in sub-clause (ii), the words “on due date” sha ll be omitted; (B) after sub-clause (v), the following sub-clause shall be ins er t ed, namely :— “(vi) in the case where only interest is to be recovered, the date of payment of duty to which such interest relates.”; (C) clause (c) shall be omit ted; (iv) after sub-section (15), the following sub-section shall be inserted, namely :— “(16) The provisions of this section shall not apply to a case where the liability of duty not paid or short-paid is self-assessed and declared as duty payable by the assessee in the periodic returns filed by him, and in such case, recovery of non-payment or shor t-payment of duty sha ll be made in such manner as may be prescribed.”. (v) for Explanation 2, the following Explanation shall be substituted, namely :— “Explanation2.— For the removal of doubts, it is hereby declared thatany non-levy, short-levy, non-payment, short-payment or erroneous refund whereno show cause notice has been issued before the date on which the Finance Bill,2015 receives the assent of the Pr esident, shall be governed by the pr ovisions of section 11A as amended by the Finance Act, 2015.”; 94. In the Central Excise Act, for section 11AC, the following section shall be substituted, namely:— “11AC. (1) The amount of penalty for non-levy or short-levy or non- payment or short-payment or erroneous refund shall be as follows:— (a) where any duty of excise has not been levied or paid or has been short-levied or short-p aid or err oneously refunded, for any reason other than the reason of fra ud or collusion or any wilful mis-statement or suppress ion of facts or cont ravention of any of the provisions of this Act or of the rules made t her eu n der wi t h int ent t o ev a de p a y ment of du t y, t he p er s on who is lia b le t o p a y duty as determined under sub-section (10) of section 11A shall also be liable to pay a penalty not exceeding ten per cent. of the duty so determined or rupees five thousa nd, whichever is higher:Amendment of section 11A. Substitution of new section for section 11AC Pen alty for short-levy or non-levy of duty in certain cases.Ex-530/2015 53 Provided that where such duty and interest payable under section 11AA is pa id either before t he is sue of show ca use not ice or within thirty da ys of issue of show cause notice, no penalty shall be payable by the person liable to pay duty or the person who has paid the duty and all proceedings in respect of said duty and interest shall be deemed to be concluded; (b) where any duty as determined under sub-section (10) of section 11A and the interest payable thereon under section 11AA in respect of transactions referred to in clause (a) is paid within thirty da ys of the da te of communication ofthe or der of the Central Excise Officer who has det ermined such duty, the amount of penalty liable to be paid by such person shall be twenty-five per cent. of the pena lty imposed, subject to the condit ion that such reduced penalty is also paid within the period so specified; (c) where any duty of excise has not been levied or paid or has been short-levied or short-paid or erroneously refunded, by reason of fraud or collusion or any wilful mis-statement or suppress ion of facts, or cont ravention of any of the provisions of this Act or of the rules ma de thereunder with int ent to evade payment of duty, the person who is lia ble to pay duty as determined under sub- section (10) of section 11A shall also be liable to pay a penalty equal to t he duty so determined: Provided that in resp ect of the cases where the deta ils relating to such transactions a re recorded in the specified record for the period beginning with the 8th April, 2011 up to the date on which the Finance Bill, 2015 receives the assent of the President (both days inclusive), the penalty shall be fifty per cent. of the duty so determined; (d) where any duty dema nded in a show cause notice and the interest paya ble thereon under section 11AA, issued in resp ect of tra nsactions referred t o in cla u s e (c), is pa id wit hin thirty da ys of the communica tion of show cause notice, the amount of penalty liable to be paid by such person shall be fifteen per cent. of the duty demanded, subject to the condition that such reduced penalty is also paid within the period so specified and all proceedings in respect of the said duty, interest and penalty shall be deemed to be concluded; (e) where any duty as determined under sub-section (10) of section 11A and the interest payable thereon under section 11AA in respect of transactions referred to in clause (c) is paid within thirty da ys of the da te of communication of the or der of the Central Excise Officer who has det ermined such duty, the amount of penalty liable to be paid by such person shall be twenty-five per cent. of the duty so determined, subject to the condition that such reduced penalty is also paid within the period so specified. (2) Where the appellate authority or tribunal or cou rt modifies the amount of duty of excise determined by the Central Excise Officer under sub-section (10) of section 11A, then, the amount of penalty payable under clause (c) of sub-section (1) and the interest payable under section 11AA sha ll sta nd modified accordingly and a fter taking into account the amount of duty of excise so modified, the person who is liable to pay duty as determined Ex-530/201554 under sub-section (10) of section 11A shall also be liable to pay such amount of penalty and interest so modified. (3) Where the amount of duty or penalty is increased by the appellate authority or tribunal or court over the amount determined under sub-section (10) of section 11A by the Central Excise Officer, the time within which the interest and the redu ced penalty is payable under clause (b) or clause (e) of sub-section (1) in relation to such increased amount of duty shall be counted fr om t he da te of the or der of the appellate author ity or tribunal or cou rt. Explanation1.— For the removal of doubts, it is hereby declared that— (i) any case of non-levy, short-levy, non-payment, short-payment or erroneous refund where no show cause notice has been issued before the da te on which the Finance Bill, 2015 receives the assent of the President shall be governed by the pr ovisions of section 11AC as amended by the Fina nce Act, 2015; (ii) any case of non-levy, short-levy, non-payment, shor t- payment or err oneous refund where show cause notice has been issued but an orderdetermining duty under sub-section (10) of section 11A has not been passed before the date on which the Finance Bill, 2015 receives the assent of the President, shall be eligible to closure of proceedings on payment of duty and interest under the proviso to clause (a) of sub-section (1) or on payment of duty, interest and penalty under cla use (d) of sub-section (1), subject to the condition that the payment of duty, interest a nd penalty, as the ca se may b e, is ma de within thirty days fr om the da te on which the Fina nce Bill, 2015 receives the assent of the P r es i dent ; (iii) any case of non-levy, short-levy, non-pa yment, short-payment or erroneous refund where an order determining duty under sub-section (10) of section 11A is passed after the date on which the Finance Bill, 2015 receives the assent of the President sha ll be eligible to payment of reduced penalty under cla u se (b) or clause (e) of sub-section (1), subject to the condition that the payment of duty, interest and penalty is made within thirty days of the communication of the order. Explanation2. –– For the purposes of this section, the exp ress ion “specified records” means records maint ained by the person chargeable with the duty in accordance with any law for the time being in for ce a nd includes computerised records.”. 95.In the Central Excise Act , in s ect ion 3 1 , in cla u s e (c), in the proviso, the words “in any appeal or revision, as the ca se may be,” shall be omit ted. 96.In the Central Excise Act, in section 32, in sub-section (3), the proviso sha ll be omitted. 97. In the Central Excise Act, in section 32B, for the words “, as the case may be, such one of the Vice-Chairmen”, at both the places where they occur, the wor ds “the Member” shall be substituted.Amendment of section 31. Amendment of section 32. Amendment of section 32B.Ex-530/2015 55 98. In the Central Excise Act, in section 32E, sub-section (1A) shall be omitted. 99. In the Central Excise Act, in section 32F, in sub-section (6), for the words, figures and letters “ on or before the 31st day of Ma y, 2007, la ter than the 29th day of February, 2008 and in respect of an application made on or after the 1st day of June, 2007,” shall be omitted. 100. In the Central Excise Act, section 32H shall be omitted. 101. In t he Central Excise Act, in section 32K, in sub-section (1), the Explanation shall be omitted. 102. In the Central Excise Act, in section 32-O, in sub-section (1),— (a) in clause (i), the words, brackets, figures and letters “passed under sub- section (7) of section 32F, as it stood immediat ely b efor e the commencement of section122 of the Fina nce Act, 2007 or sub-section (5) of section 32F” shall be omitted; (b) in clause (ii), the wor ds, brackets, figures and letter “under the said sub- section (7), as it stood immediately before the commencement of section 122 of the Fina nce Act, 2007 or sub-section (5) of section 32F” shall be omitted. 103. In the Central Excise Act, in section 37, in sub-sections (4) a nd (5), for the wor ds“two thousand rupees”, the wor ds “five thousand rupees” shall be substituted. 104.(1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 163 (E), da ted the 17th March, 2012, issued under sub-section (1) of section 5A of the Central Excise Act, 1944 (hereinafter referred to as the Central Excise Act), sha ll sta nd amended and sha ll be deemed to have been amended, retrospectively, in the manner sp ecif ied in column (2) of the Third Schedule, on a nd fr om a nd up to the date specified in column (3) of that Schedule. (2) For the purposes of sub-section (1), the Central Government shall ha ve a nd shall be deemed to ha ve the power to amend the notification with retr ospective effect as if the Central Government had the power to amend the said notification under sub-section (1) of section 5A of the Central Excise Act, retrospectively, at all material times. (3) Refund shall be made of all such duty of excise which has been collected but which would not have been so collected, had the notification referred to in sub-section (1), been in force at all material times, subject to the provisions of section 11B of the Central Excise Act. (4) Notwithstanding anything contained in section 11B of the Central Excise Act, an application for the claim of refund of duty of excise under sub- section (3) sha ll be made within a period of six months fr om the da te on which the Fina nce Bill, 2015 receives the assent of the President.Amendment of section 32E. Amendment of section 3 2 F. Omission of section 32H Amendment of section 32K. Amendment of section 37. Amendment of notification issued under section 5A of the Central Excise Act. Amendment of section 32-O. 22 of 2007. 22 of 2007. 1 of 1944.Ex-530/201556 105.In the Central Excise Act, the Third Schedule shall be amended in the manner specified in the Fourth Schedule. Central Excise T ariff 106.In the Central Excise Tarif f Act, 1985 (hereinafter referred to as the Central Excise Tar if f Act), the First Schedule shall be amended in the manner sp ecif ied in the Fifth Schedule. CHAPTER V SERVICE T AX 107. In the Finance Act, 1994 (hereina ft er r eferr ed to as the1994 Act), save as otherwise provided, in section 65B,— (a) clause (9) shall be omitted with effect from such date as the Central Government ma y, by notification in the Official Gazette, appoint; (b) a f t er c l a u s e (23), the following cla use shall be inserted, namely:— ‘(23A) “foreman of chit fund” shall have the same meaning as is ass igned to t he term “ for eman” in cla use (j) of section 2 of the Chit Funds Act, 1982;’; (c) clause (24) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint; (d) a f t er c l a u s e (26), the following cla use shall be inserted, namely:— ‘(26A) “Government” means the Depart ments of the Central Government, aState Government and its Departments and a Union territory and its Departments, but sha ll not include any entity, whether created by a statute or otherwise, the accounts of which are not required to be kept in accorda nce with article 150 of the Constitution or the rules ma de thereunder ;’; (e) after cla use (31), the following cla use shall be inserted, namely:— ‘(31A) “lot tery distributor or selling agent” means a person appointed or authorised by a State for the purposes of promoting, marketing, selling or facilitating in organising lot tery of any kind, in a ny manner, organised by such Sta te in accordance with the provisions of the Lotteries (Regulation) Act, 1998;’; (f) in clause (40), the words “alcoholic liquors for human consumption,” shall be omitted with effect from such date as the Central Government ma y, by notification in the Official Gazette, appoint; (g) in clause (44), forExplanation2, the following Explanations ha ll b e substituted, namely:— ‘Explanation2.—For the purposes of this clause, the expres sion“transaction in money or actionable claim” shall not include–– Amendment of Third Schedule. Amendment of First Schedule. Amendment of section 65B.5 of 1986. 40 of 1982 32 of 1994. 17 of 1998. Ex-530/2015 57 (i) any activity relating to use of money or its conver sion by cash or by a ny other mode, fr om one form, curr ency or denomination, to another form, cu rrency or denomina tion for which a sepa ra te considera tion is charged; (ii) any activity carried out, for a cons ideration, in relation to, or for facilitation of, a transa ction in money or actionable cla im, including the activity carried out–– (a) by a lottery distributor or selling agent in relation to promotion, marketing, or ganising, selling of lot tery or facilitating in organising lottery of a ny kind, in a ny ot her manner; (b) by a foreman of chit fund for conducting or organising a chit in any ma nner.’; (h) clause (49) shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint. 108. In section 66B of the 1994 Act, with effect from such date as the Central Government ma y, by notification in the Official Gazette, appoint, for the words “twelve per cent.”, the words “fourteen per cent.” shall be substituted. 109. In section 66D of the 1994 Act, with effect from such date as the Central Government ma y, by notification in the Official Gazette, appoint,— (1) in clause (a), in sub-clause (iv), for the words “support services”, the wor ds“any service” shall be substituted; (2) for clause (f), the following cla use shall be substituted, namely:— “(f) services by way of carr ying out any process amounting to manufactur e or product ion of goods excluding alcoholic liquor for huma n consumption;”; (3) in cla u s e (i), the followingExplanationshall be inserted, namely:— ‘Explanation.– For the purposes of this clause, the expression “betting, gambling or lottery” shall not include t he activity specified in Explanation2 to clause (44) of section 65B;’; (4) clause (j) shall be omitted. 110.In section 66F of the 1994 Act, in sub-section (1), the following Illustrationshall be inserted, namely:— ‘ Illustration The services by the Reserve Ba nk of India, being the ma in service within the meaning of clause (b) of section 66D, does not include a ny agency service provided or agreed to be provided by any bank to the Reserve Bank of India. Such agency service, being input service, used by the Reserve Bank of IndiaAmendment of section 66B. Amendment of section 66D. Amendment of section 66F. Ex-530/201558 for pr oviding the ma in ser vice, for which the cons ideration by way of fee or commission or any other amount is received by the agent bank, does not get excluded fr om the levy of service tax by virtue of inclusion of the ma in service in clause (b) of the negative list in section 66D and hence, such service is leviable to service tax.’. 111. In section 67 of the 1994 Act, in theExplanation, for clause (a), the following cla use sha ll be substituted, namely:— ‘(a) “consideration” inclu des– (i) any amount that is payable for the taxable services provided or to be provided; (ii) any reimbursable expenditure or cost incurred by the service provider and charged, in the course of providing or agreeing to provide a taxable service, except in such circumstances, and subject to such conditions, as may be pres cribed; (iii) any amount reta ined by the lottery distributor or selling agent from gross sa le amount of lot tery ticket in addition to the fee or commission, if any, or, as the case may be, the discount received, that is to say, the difference in the fa ce va lue of lottery ticket a nd the pr ice at which the distributor or selling agent gets such ticket.’. 112.In section 73 of the 1994 Act,— (i) after sub-section (1A), the following sub-section sha ll be inserted, namely:— “(1B) Notwithstanding anything conta ined in sub-section (1), in a casewhere the amount of service tax payable has been self-assessed in the return furnished under sub-section (1) of section 70, but not paid either in full or in pa rt, the sa me sha ll be recovered along with interest thereon in any of the modes specified in section 87, without service of notice under sub-section (1).”; (ii) sub-section (4A) sha ll be omit ted. 113.For section 76 of the 1994 Act, the following section shall be substituted, namely:— “76. (1) Where service tax has not been levied or paid, or has been short- levied or short-pa id, or err oneously refunded, for any reason, other than the reason of fraud or collusion or wilful mis-statement or suppress ion of fa cts or cont ravention of a ny of the pr ovisions of this Cha pter or of the rules ma de thereunder with the int ent to evade payment of service ta x, the person who has been served notice under sub-section (1) of section 73 sha ll, in addition to the service t ax and interest specified in the notice, be also lia ble to pay a penalty not exceeding ten per cent. of the amount of such service tax: Amendment of section 73. Amendment of section 76. Substituted of new section for section 76. Penalty for fail- ure to pay ser- vice tax.Ex-530/2015 59 Provided that where service tax and interest is pa id within a period of thirty days of–– (i) the da te of service of notice under sub-section (1) of section 73, no penalty sha ll be paya ble and proceedings in resp ect of such service tax and interest shall be deemed to be concluded; (ii) the date of receipt of the or der of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the penalty imposed in that order, only if such reduced penalty is also paid within such period. (2) Where the amount of penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the cou rt, as the ca se may be, over the above the amount as determined under sub-section (2) of section 73, the time within which the reduced penalty is payable under clause (ii) of t he proviso to sub-section (1) in relation to such increased amount of penalty shall be counted from the date of the order of the Commissioner (Appeals), the Appellate Tribunal or the court, as the case may be.”. 114.For section 78 of the 1994 Act, the following section shall be substituted, namely:— “78. (1) Where any service tax has not been levied or paid, or has been shor t- levied or short-pa id, or erroneously refunded, by reason of fr aud or collusion or wilful mis-statement or suppress ion of fa cts or contravention of any of t he pr ovisions of this Chapter or of the rules ma de thereunder with the int ent to evade payment of service tax, the person who has been served not ice under the proviso to sub-section (1) of section 73 sha ll, in addition to the service tax and interest specified in the notice, be also liable to pay a penalty which shall be equal to hundred per cent. of the amount of such service tax: Pr ovided that in respect of the cases where the details relating to such transactions are recorded in the specified records for the period beginning with the 8th April, 2011 upto the date on which the Finance Bill, 2015 receives the assent of the President (b oth da ys inclusive), the penalty sha ll be fifty p er cent. of the service t ax so determined: Provided further that where service tax and interest is paid within a period of thir ty days of –– (i) the da te of service of notice under the proviso to sub-section (1) of section 73, the penalty payable shall be fifteen per cent. of such service tax and proceedings in respect of such service tax, interest and penalty shall be deemed to be concluded; (ii) the date of receipt of the or der of the Central Excise Officer determining the amount of service tax under sub-section (2) of section 73, the penalty payable shall be twenty-five per cent. of the service tax so determined:Substitution of new section for section 78. Penalty for fail- ure to pay ser- vice tax for rea- sons of found, etc. Ex-530/201560 Provided also that the benefit of reduced penalty under the second proviso shall be available only if the amount of such redu ced penalty is also paid within such period: Explanation.—For the purposes of this sub-section, “specified records” means records including computerised data as are required to be maintained by an assessee in accordance with any law for the time being in for ce or where there is no such requirement, the invoices recorded by the assessee in the books of accounts shall be considered as the specified records. (2) Where the Commissioner (Appeals), the Appellate Tribunal or the cou rt, as the ca se may b e, modifies the amount of service tax determined under sub-section (2) of section 73, then the amount of penalty payable under sub-section (1) and the interest payable thereon under section 75 sha ll stand modified accordingly, a nd aft er taking into account the amount of service tax so modified, the person who is liable to pay such amount of service tax, shall also be liable to pay the amount of penalty and interest so modified. (3) Where the amount of service tax or penalty is increased by the Commissioner (Appeals), the Appellate Tribunal or the cou rt, as the ca se may be, over and above the amount as determined under sub-section (2) of section 73, the time within which the interest and the reduced penalty is payable under clause (ii) of the second provisio to sub-section (1) in relation to such increased amount of service tax shall be counted from the date of the order of the Commissioner (Appeals), theAppellate Tribunal or the court, as the case may be. 115.After section 78A of the 1994 Act, the following section sha ll be insert ed, namely:— “78B. (1) Where, in any case,–– (a) service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded and no notice has been served under sub-section (1) of section 73 or under the proviso thereto, before the da te on which the Finance Bill, 2015 receives the assent of the Pr esident; or (b) service tax has not been levied or paid or has been short-levied or short-paid or erroneously refunded and a notice has been served under sub-section (1) of section 73 or under the proviso thereto, but no or der has been passed under sub-section (2) of section 73, before the da te on which the Fina nce Bill, 2015 receives the assent of the Pr esident,then, in respect of such cases, the provisions of section 76 or section 78, as the case may be, as amended by the Fina nce Act, 2015 shall be applicable. (2) In cases where show cause notice has been issued under sub- section (1) of section 73 or under the proviso thereto, but no order has been pa ssed under sub-section (2) of section 73 before t he da te on which the Finance Bill, 2015 receives the assent of the President, the period of thirty da ys for the purpose of closure of proceedings on t he payment of service tax and interest under clause (i) of the proviso to sub-section (1) of section 76 or on the payment of service tax, interest and penalty under clause (i) of the second proviso to sub-section (1) of section 78, shall be counted from the date on which the Finance Bill, 2015 receives the assent of the Pr esident.”Inser tion of new section 78B. Transitory provi sionEx-530/2015 61 116.Section 80 of the 1994 Act shall be omitted. 117. In section 86 of the 1994 Act, in sub-section (1), –– (a) for the wor ds “Any assess ee”, the wor ds “Sa ve as otherwise provided herein, an assessee” shall be substituted; (b) the following provisos shall be inserted, namely:— “Provided that where an order, relating to a service which is exported, has been passed under section 85 and the matter relates to grant of rebate of service tax on input services, or rebate of duty paid on inputs, used in providing such service, such order shall be dealt with in accordance with the provisions of section 35EE of the Central Excise Act, 1944: Provided further that all appeals filed before the Appellate Tribunal in respect of matters covered under the first proviso, after the coming into force of the Fina nce Act, 2012, and pending before it up to the date on which the Finance Bill, 2015 receives the assent of the President, shall be tra nsfer red and dealt with in accor dance with the provisions of section 35EE of the Central Excise Act, 1944.”. 118.In section 94 of the 1994 Act, in sub-section (2), for cla use (aa), the following cla use shall be substituted, namely:— “(aa) determination of the amount and value of taxa ble service, the manner thereof, a nd the circumstances a nd conditions under which an amount sha ll not be a cons ideration, under section 67;”. CHAPT ER VI S W AC HH BHAR AT C ESS 119. (1) This Chapter shall come into force on such date as the Central Government ma y, by notification in the Official Gazette, appoint. (2) There shall be levied and collected in accordance with the provisions of this Chapter, a cess to be called the Swachh Bharat Cess, as service tax on all or any of the taxable services at the rate of two per cent. on the value of such services for the purposes of financing and promoting Swachh Bha rat initiatives or for a ny other pur pose relating thereto. (3) T he Swachh Bha rat Cess leviable under sub-section (2) shall be in addit ion to any cess or service tax leviable on such taxable services under Chapter V of the Fina nce Act,1994, or under a ny other law for the time being in for ce. (4) T he proceeds of the Swachh Bha rat Cess levied under sub-section (2) shall first be credited to the Consolida ted Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of money of the Swachh Bhar at Cess for such purposes specified in sub-section (2), as it may consider neces sa r y. Omission of section 80. Amendment of section 86. Amendment of section 94.1 of 1994. 1 of 1994. 1 of 1944. 23 of 2012. 1 of 1944. Swachh Bharat Cess. 32 of 1994. Ex-530/201562 (5) The pr ovisions of Chapter V of the Finance Act, 1994 and the rules ma de thereunder, including those relating to refunds and exemptions from tax, interest and imposition of penalty shall, as far as may be, apply in relation to the levy and collection of the Swachh Bhar at Cess on taxable services, as they apply in relation to the levy and collection of tax on such taxable services under Chapter V of the Fina nce Act, 1994 or the rules made thereunder, a s the cas e may be. CHAP TER VII SENIOR CITIZENS ’ WELFARE F UND PA RT I PRELIMINARY 120. (1) This Chapter extends to the whole of India. (2) This Chapter shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. 121.In this Chapter, unless the cont ext otherwise requires,— (1) “Committ ee” means the Inter-Ministerial Committee constituted under section 123; (2) “eligible interest” means an interest on the principal transferred to the Fund at therate notified by the Central Government; (3) “Financial Year” means the period commencing on t he 1st day of April and ending on the 31st day of Mar ch every yea r; (4) “Fund” means the Fund established under section 122; (5) “inoperative account” means an account under any of the schemes specified by or under sub-section (2) of section 122 and not operated upon for a period of three years if operable on regular basis, or if there is a date of maturity, fr om t he da te of maturity, as the case may be; (6) “Ins titution” means a ny bank, Post Office or any other institution notified by theCentral Government which is holding the inoperative accounts having unclaimed amounts; (7) “notification” means a notification published in the Official Gazette; (8) “prescribed” means prescribed by rules made by the Central Government under t his Chapter; (9) “senior citizen” means a citizen of India who has atta ined the a ge of sixty years or above; 10) “unclaimed amount” means the amount as referred to in sub-section (2) ofsection 122.Extent and com- mencement Definitions. Ex-530/2015 63 PART II ESTABLISHMENT AND ADMINISTRATION OF THE FUND 122.(1) The Central Government shall establish a Fund to be called the “Senior Citizens’ Welfare Fund”. (2) Any credit balance in a ny of the accounts under the following schemes remaining uncla imed for a period of seven years fr om the da te of its declaration as an inoperative account shall be transferred by the respective Ins titutions holding them to the Fund. (a) Small Savings and other Savings Schemes of the Central Government withPost Offices and Banks authorised to operate such Schemes; (b) Accounts of Public Pr ovident Fund under the Public Pr ovident Fund Scheme,1968 ma intained by Ins titution; a nd (c) such other amounts, in any accounts or schemes as may be pr escribed. (3) The Fund sha ll be utilised for promoting welfare of senior citizens and for such other purposes as may be prescribed. (4) The Central Government shall, from time to time, notify the eligible rate of interest for money lying in the Fund. 123.(1) The Central Government sha ll constitute, by notification, an Inter-Ministerial Committ ee for administration of the Fund consisting of a Cha irperson and such other number of Members as the Central Government may appoint. (2) T he manner of administra tion of the Fund, holding of meetings of the Committee, shall be in accordance with such rules as may be prescribed. (3) It sha ll be competent for the Committee to spend money out of the Fund for carrying out the objects specified in sub section (3) of section 122. 124.(1) Any person claiming to be entitled to the unclaimed amount transferred to the Fund may apply to the respective Institution with which the amount due was originally lying or deposited, at any time before the right to the amount is extinguished as provided in section 126. (2) The person making the application shall bear the onus of establishing his right to receive the amount to which the application relates. (3) The Ins titution sha ll consider the application as expeditiously as possible, and make payment along with the eligible interest, in any case, within sixty da ys of the receipt of the application. (4) Any payment under this section sha ll discharge the Ins titution from liability in respect of the amount credited to the Fund. Establishment of Fund Constitution of a Commit- tee for administra- tion of Fund. Payment of claims.Ex-530/201564 (5) The interest payable, if any, on t he money tr ansfer red to the Fund sha ll be determined and notified by the Central Government. 125.(1) The Institution shall publish such information as is necessary and sufficient to give reasonable notice of the existence of the unclaimed amounts, before crediting the unclaimed amount to the Fund. (2) The Central Government may prescribe the method by which such information shall be published. 126.(1) Where no request or claim as specified in section 124 of this Chapter is made within a period of twenty-five years from the date of the credit of the unclaimed amount into the Fund, then, notwithstanding anything contrary contained in any other law for thetime being in force, unless a Court otherwise orders, it shall escheat to the Central Government. (2) The right of any person claiming to have an entitlement to the unclaimed amount shall subsist till the period specified under sub- section (1), and shall extinguish thereafter. (3) Notwithstanding anything contained in sub-section (2), if, in any case, t he Centr al Government is satisfied that there were genuine reasons which precluded a person from making a claim for refund in time, it may, on the recommenda tion of the Committee based on examina tion of facts, refund the money escheated to him. (4) The Central Government may keep such escheated amount with the Fund for the purposes of the Fund. PA RT III ACCOUNTS AND AUDIT 127.(1) The Fund shall prepare, in such form and at such time for each financial year as may be prescribed, its annual report giving a full account of its act ivit ies dur ing the financial year a nd for ward a copy thereof to the Central Government. (2) T he accounts of the Fund shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and such audited accounts together with the audit report thereon shall be forwarded annually by the Ins titution to the Central Government. (3) The Central Government sha ll ca use t he annual report a nd the audit report given by the Comptroller andAuditor-General of India to be la id before each House of Parliament. Publication of information. Escheat to the Central Government. Reporting of accounts and audit.Ex-530/2015 65 PA RT IV MISCELLANEOUS 128.(1) The Central Government may, by notification, ma ke ru les for carr ying out the provisions of this Chapter. (2) Without prejudice to the generality of the powers conferred by sub-section (1), such rules may provide for— (a) such other amounts referred to in clause (c) of sub-section (2) of section 122; (b) the utilisation of the Fund for the purposes under sub-section (3) ofsection 122; (c) the composit ion of the Commit tee for mana ging the Fund under sub-section(2) of section 123; (d)the manner of administration of the Fund and the procedure r ela t ing to holding of the meetings of the Commit tee under sub-section (2) of section 123; (e) the manner of giving notice to t he public about the exist ence of the unclaimed amounts under sub-section (2) of section 125; (f) any other matter which is required to be, or may be, prescribed. (3) Every rule made under this section, shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in sess ion, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immedia tely following the session or the successive sess ions aforesa id, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be ma de, the rule shall thereafter ha ve effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. 129.The Central Government may, for reasons to be recorded in writing, exempt any uncla imed amount or institution or class of uncla imed amounts or institutions fr om any or all of the pr ovisions of this Chapter, either gener ally or for such period as may be specified. 130.(1) If any difficu lty arises in giving effect to the provisions of this Chapter, the Central Government may by order, do anything not in consistant with the pr ovisions of this Chapter for the pur pose of removing such difficulty: Provided that no such order shall be made under this section after the exp iry of a period of t wo years fr om the commencement of this Chapter. (2) Every order under this section shall be laid, as soon as may be after it is made, before each house of Parliament.Power of Cen- tral Government to make rules Power to ex- empt in certain caces. Power to re- move difficul- ties.Ex-530/201566 CHAPT ER VIII MISCELLANEOUS PA RT I AMENDMENTS TO THE FORWARD CONTRACTS (REGULATION) ACT, 1952 131.[A] The provisions of this Part shall come into force on such da te as the Central Government ma y, by notification, appoint and different dates may be appointed for different provisions of this Par t. [B] In the Forward Contr acts (Regulation) Act, 1952, (her ein referred to as the ForwardContracts Act), after section 28, the following section shall be inser ted, namely:–– “28A.(1) All recognised associations under the Forward Contr acts Regulation Act, shall be deemed to be recognised stock exchanges under the Securities Contracts (Regulation) Act,1956 (herein referred to as the Securities Contracts Act): “Provided that such deemed recognized stock exchanges shall not carry out any activity other than the activities of assisting, regulating or controlling the business of buying, selling or dealing in commodity derivatives till the sa id deemed recognized stock excha nges a re specif ically permitted by the Secur ities and Exchange Board of India: Provided further that a person buying or selling or otherwise dea ling in commodity derivatives as a commodity derivatives broker, or such other intermediary who may be associated with the commodity derivatives market, immediat ely befor e the transfer and vest ing of rights and assets to the Secur ities and Exchange Board of India for which no registration certificate was necessary prior to such transfer, may continue to do so for a period of three months fr om s u ch t r a n s fer o r , if he h a s ma de a n a p p lica t ion f or s u ch r e g i s t r a t i o n w i t h i n t h e said period of three months, till the disposal of such application.”. (2) T he Securit ies and Exchange Board of India (herein referred to as the Security Boa rd) may provide such deemed exchanges, adequate time to comply with the Securities Contracts Act and any regulations, rules, guidelines or like instruments ma de under the sa id Act. (3) The bye-laws, circu lars, or any like instr ument made by a r ec ogn is ed association under the Forward Contr acts Act sha ll cont inue to be applica ble for a period of one year fr om the da te on which that Act is repealed, or till such time as notified by t he Security Boa rd, as if the For ward Contracts Act had not been repealed, whichever is earlier. (4) All rules, directions, guidelines, instructions, circulars, or any like instruments, ma de by the Commission or the Centr al Government Commencement and amendment of Act 74 of 1952 Inser tion of new section 28A. Savings of recognised association.74 of 1952. 42 of 1956. Ex-530/2015 67 a p p li c a b le t o r ec ogn is ed associations under the Forward Contr acts Act sha ll cont inue to remain in for ce for a period of one year fr om the da te on which that Act is repealed, or till such time as notified by the Security Board, whichever is earlier, as if the Forward Contracts Act had not been repea led. (5) In addition to the powers under the Secur ities Contracts Regulation Act, the Security Board and the Central Government shall exercise all powers of the Commission and the Central Government with respect to recognised associations, respectively, on such deemed exchanges, for a period of one year as if the Forward Contracts Act had not been repealed.”. 132.Aft er section 29 of the Forward Contr acts Act, the following sections sha ll be inserted, namely:— “29A.(1) The Forward Contracts (Regulation) Act, 1952 is hereby rep ealed. (2) On a nd fr om t he da te of repeal of For ward Contra cts Act– (a) the rules and regulations fra med by the Central Government a nd theCommission under the For ward Contr acts Act, shall stand repealed; (b) all authorities and entities established by the Central Government under the For ward Contracts Act, inclu ding the Commission and the Advisory Council established under section 25 of that Act, shall stand dissolved; (c) anything done or any act ion ta ken or purported to ha ve been done or taken including any inspection, order, penalty, proceeding or notice made, initiated or issued or any confirmation or declaration ma de or any licence, permission, authorisation or exemption granted, modified or revoked, or any document or instr ument executed, or any direction given under the Act r ep ea led in sub-section (1), shall be continued or enforced by the Security Boa rd, as if that Act had not been repea led; (d) all offences commit ted, and existing proceedings with resp ect to offences which may ha ve been committed under the Forward Contr acts Act , shall cont inue to be governed by the provisions of that Act, as if that Act had not been repea led; (e) a fresh proceeding related to an offence under the Forward Contracts Act, may be initiated by the Security Board under that Act within a period of three years from the date on which that Act is repealed and be proceeded with as if that Act had not been repealed; (f) no court shall take cognizance of any offence under the Forward Contracts Act from the date on which that Act is repealed, except as provided in clauses (d) and (e); (g) cla u ses (d), (e) and (f) shall not be held to or affect the general application of section 6 of the General Clauses Act, 1897 with regard to the effect of repeal to matters not covered under these sub-sections. 29B. (1) On the date on which the Forward Contracts Act is r ep ea led, the undertaking shall be transferred, and vest with the Securities and Exchange Board of India.Inser tion of new section 29A and 29B. 74 of 1952. 10 of 1897. Transfer and vesting of undertaking of Commis- sion. Ex-530/201568 (2) If there is any existing proceeding or ca use of act ion aga inst the Commission in relation to the undertaking on the date on which the Forward Contracts Act is repealed, such proceeding or cause of action may be continued and enforced by or against the Security Boa rd. (3) T he concessions, privileges, benefits and exemptions including any benefits and exemptions with regard to the payment of any tax, duty and cess granted to the Commission with respect to its undertaking shall be tra nsfer red to the Security Boar d on the da te on which t he Forward Contr acts Act is repea led. (4) Every employee holding any office (ex cluding members of the Commission) under the Commission immediately before the da te on which the Forward Contracts Act is repea led, will hold office in the Central Government or the Security Boa rd, as the Central Government may notify in the Official Gazette, for the same tenure and on the same terms and conditions of service as such employee would ha ve held such office if the Commission had not been dissolved: Provided that where the Central Government notifies that an employee of the Commission shall continue as an employee of the Central Government under the foregoing pr ovision, the Central Government ma y, at the requ est of the Security Boar d, depute such employee to the Security Boa rd, for a period not exceeding two years from the da te on which the For ward Contr acts Act is repealed. (5) Wit hin six months fr om the date on which the Forward Contr acts Act is repealed, an employee of the Commission opting not to be an employee of the Centra l Government or the Security Boa rd, as the case may be, sha ll communicate such decision to the Central Government or Security Boa rd, as applicable. (6) Nothing contained in any other law in force shall entitle any employee to any compensation for the loss of office due to the repeal of the Forward Contracts Act and the consequent dissolution of the Commission, a nd no such claim shall be entertained by any cour t, tribunal or other authority. (7) T he memb ers of the Commission a ppointed by the Central Government under section 3 of the Forward Contr acts Act, sha ll cea se to hold office fr om the da te the Forward Contra cts Act is repealed. (8) The members of the Commission shall not be entitled to any compensa tion for the loss of office due to the repeal of the For ward Contracts Act a nd the consequent dissolution of the Commission or for the prema ture termination of any cont ract of management entered into by such member with the Commission, a nd no such cla im shall be entertained by any court, tribunal or other authority. (9) T he transfer a nd vesting of the undertaking shall not be lia ble to the pa yment of any sta mp duty under the Indian S ta mp Act, 1899 or any applica ble stamp dut ies under state laws.”.2 of 1899. Ex-530/2015 69 PART II AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 133.[A] The provisions of this Part shall come into force on such da te as the Central Government ma y, by notification, appoint and different dates may be appointed for different provisions of this Par t. [ B ] In the Securities Contracts (Regulation)Act, 1956 (her ein referred to as the SecuritiesContracts Act), in section 2,–– (i) in clause (ac), after sub-clause (B), the following sub-clauses shall be ins erted, namely:–– “(C) commodity derivatives; a nd (D) such other instruments as may be declar ed by the Central Government to be derivatives;”; (ii) after clause (b), the following clauses shall be inserted, namely:–– ‘(bb) “goods” mean every kind of movable property other than actionable claims, money and securities; (bc) “commodity derivative” means a cont ract – (i) for the delivery of such goods, as may be notified by the Central Government in the Official Ga zette, and which is not a ready deliver y contra ct; or (ii) for differences, which derives its value from prices or indices of prices of such underlying goods or act ivities, services, rights, interests and events, as may be notified by the Central Government, in consultation with the Board, but does not include secur ities as referred to in sub-clauses (A) and (B) of clause (ac);’; (iii) after clause (c), the following clause shall be inserted, namely:–– ‘(ca) “non-transferable specific delivery contract” means a specific deliver y contract, the rights or lia bilities under which or under any deliver y order, ra ilway receipt, bill of lading, warehouse receipt or a ny other documents of title relating thereto are not transferable;’; (iv) after clause (e), the following clause shall be inserted, namely:–– ‘(ea) “ready delivery contr act” mea ns a cont ract which provides for the delivery of goods and the payment of a price therefor, either immediately, or within such period not exceeding eleven da ys after the da te of the contract and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in respect of any goods, the period under such contract not being capable of extension by the mutual consent of the parties ther eto or other wise: Commencement and amendment of Act 42 of 1956. 42 of 1956. Ex-530/201570 Amendment of section 2. Provided that where any such contract is performed either wholly or in part; (I) by realisation of any sum of money being the difference between thecont ract ra te a nd the settlement ra te or clearing ra te or the ra te of a ny offsetting contr act; or (II) by any other means whatsoever, and as a result of which the act ual tender ing of the goods covered by the cont ract or payment of the fu ll price therefor is dispensed with, then such contract shall not be deemed to be a ready delivery contract ;’; (v) after clause (h), the following clause shall be inserted, namely:–– ‘(ha) “specific delivery contract” means a commodity derivative which provides for the act ual delivery of specific qualit ies or types of goods during a specified future period at a price fixed thereby or to be fixed in the manner thereby agreed and in which the names of both the buyer and the seller are mentioned;’; (vi) after clause (j), the following clause shall be inserted, namely:–– ‘(k) “transferable specific delivery contract” means a specific delivery contract which is not a non-transferable specific delivery contract and which is subject to such conditions relating to its transferability as the Central Government may by notification in the Official Gazette, specify in this behalf.’. 134.In section 18A of the Securities Contracts Act,— (i) in clause (b), for the wor ds “stock exchange,”, the wor ds ‘‘stock excha nge;or” sha ll be substituted; (ii) a ft er cla u s e (b) as so amended, and after the long line, the following cla use shall be inserted, namely:— “(c) between such parties and on such terms as the Central Government ma y, b y notification in the Official Gazette, specify,”. 135.Aft er section 30 of the Securities Contr acts Act, the following section shall be inserted, namely:— “ 3 0 A. (1) Nothing cont ained in this Act shall apply to non-transferable specific delivery contracts: Provided that no person shall orga nise or assist in or ganising or be a member of any association in any ar ea to which the provisions of section 13 ha ve been ma de applicable (other tha n a stock excha nge) which provides facilit ies for the performance of a ny non-transferable specific delivery contract by a ny pa rty thereto without ha ving to ma ke or receive actual deliver y to or fr om the ot her pa rty to the contract or to or from any other pa rty na med in the contract. Amendment of section 18A. Inser tion of new section 30A. Special provi- sion related to commodity de- rivatives.Ex-530/2015 71 (2) Where in resp ect of any area, the provisions of section 13 ha ve been made applicable in relation to commodity derivatives for the sale or purchase of a ny goods or class of goods, the Central Government may, by notification, decl a r e t h a t in t he s a i d ar ea or a ny pa rt thereof as may be specified in the notification all or a ny of the provisions of this Act sha ll not apply to tra nsfera ble specific delivery contr acts for the sa le or purchase of the sa id goods or cla ss of goods either generally, or to any cla ss of such contr acts in particular. (3) Notwithstanding anything contained in sub-section (1), if t he C ent r a l Government is of the opinion that in t he interest of the tr ade or in the public interest it is expedient to regulate and control non-transferable specific delivery contracts in any area, it may, by notification in the Official Gazette, declare that all or any of the provisions of this Act shall apply to such class or cla s ses of non-transfera ble specific delivery contra cts in su ch ar ea in res pect of such goods or cla ss of goods as may be specified in the notification, a nd may also specify the manner in which and the extent to which all or any of the said provisions shall so apply.”. PA RT III AMENDMENT TO THE FINANCE (NO. 2) ACT , 1998 136.In the Finance (No.2) Act, 1998, in the Second Schedule, for the entry in column(3 ), the ent ry “Ru pees eight p er lit re” shall be sub stitut ed. PA RT IV AMENDMENT TO THE F INANCE ACT, 1999 137.In the Fina nce Act, 1999, in the Second Schedule, for the entry in column (3), the entry “Rupees eight per litre” shall be substituted. PA RT V AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999 138.[A] T he provisions of this Part shall come into force on such da te as the Central Government ma y, by notification, appoint and different dates may be appointed for different provisions of this Par t. [B] In the Foreign Exchange Ma nagement Act, 1999 (herein referred to as the For eign Exchange Act), in section 2,— (i) after clause (c), the following clause shall be inserted, namely:— ‘(cc) ‘‘Authorised Of ficer ’’ means an officer of the Directorate of Amendment of Second Sched- ule Amendment of Second Sched- ule Commen cemen t and amendment of Act 42 of 199921 of 1998. 27 of 1999. Amendment of section 7. 42 of 1999. Ex-530/201572 Enforcement authorised by t he Central Government under section 37A;’; (ii) after clause (g), the following clause shall be inserted, namely:— ‘(gg) “Competent Authority’ ’ mea ns theAuthority appointed by the CentralGovernment under sub-section (2) of section 37A;’. 139.In section 6 of the Foreign Exchange Act,— (A) in sub-section (2),–– (i) for clause (a), the following clause shall be substituted, namely:–– “(a) any cla ss or classes of capital account transactions, involving debt instruments, which are permissible;”; (ii) after clause (b), the following clause shall be inserted, namely:— “( c ) any conditions which may be placed on such transactions;”; (iii) for the pr oviso, the following proviso shall be substituted, na mely:–– “Provided that the Reserve Ba nk or the Central Government sha ll not impose any restrictions on the dra wal of foreign exchange for payment due on account of amortisation of loans or for depreciation of direct investments in the ordinary cou rse of business.”; (B) after sub-section (2), the following sub-section shall be inserted, namely:— “( 2A ) The Central Government may, in consultation with the Reserve Bank,prescribe–– (a) any class or classes of capital account transactions, not involving debt instruments, which are permissible; (b) the limit up to which foreign exchange shall be admissible for such transactions; and (c) any conditions which may be placed on such transactions.”; sub- (C) section (3) sha ll be omit ted; (D) after sub-section (6), the following sub-section shall be inserted, namely:— ‘(7) For the purposes of this section, the term “debt instruments” shall mean, such instruments as may be determined by the Central Government in consulta tion with the Reserve Bank.’. 140.In section 13 of the Foreign Exchange Act, aft er sub-section (1), the following sub-sections shall be inserted, namely:— “(1A) If any person is fou nd to ha ve acqu ired any foreign excha nge, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign secur ity or immovable pr operty.Amendment of section 6. Amendment of section 13. Ex-530/2015 73 (1B) If theAdjudicating Authority, in a proceeding under sub-section (1A) deems fits, he may, aft er recor ding the reasons in writ ing, recommend for the initiation ofInsertion of new section prosecution and if the Director of Enforcement is sa tisfied, he ma y, after recording the reasons in writing, may direct prosecution by filing a Criminal Complaint against the guilty person by an officer not below t he ra nk of Assistant Director. (1C) If any person is fou nd to ha ve acqu ired any foreign excha nge, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be, in addition to the penalty imposed under sub- section (1A), punishable with imprisonment for a term which may extend to five years a nd with fine. (1D) No cou rt sha ll ta ke cogniza nce of an offence under sub-section (1C) of section 13 except as on complaint in writing by an officer not below the ra nk of Assistant Director referred to in sub-section (1B).”. 141.In section 18 of the Foreign Exchange Act, after the words “AdjudicatingAuthorities’’, the wor ds “Competent Author ities’’ sha ll be ins er t ed. 142.Aft er section 37 of the Foreign Exchange Act, the following section shall be inserted, namely:— “37A. (1) Upon receipt of a ny information or otherwise, if the Authorised Officer prescribed by the Central Government has reason to believe that any foreign exchange, foreign security, or any immovable property, situated outside India, is suspected to have been held in cont ravention of section 4, he may aft er recor ding the reasons in writing, by an order, seize value equivalent, situated within India, of such for eign exchange, for eign security or immova ble property: Provided that no such seizure shall be made in case where the aggregate value of such foreign exchange, for eign security or any immovable property, situated outside India, is less than the value as may be prescribed. (2) T he or der of seizure along with relevant material shall be pla ced before the Competent Authority, appointed by the Central Government, who sha ll be an officer not below the ra nk of Joint Secretary to the Government of India by the Authorised Officer within a period of thirty da ys fr om the da te of su ch seiz ure. (3) T he Competent Authority shall dispose of the petition within a period of one hundred eighty da ys fr om t he da te of seizure by either confirming or by setting aside such order, after giving an opportunity of being heard to the repr esentatives of the Directorate of Enforcement a nd the aggrieved person. Explanation.— While computing the period of one hundred eighty days, the period of stay granted by court shall be excluded and a Amendment of section 18. Insertion of new section 37A. Special provi- sion relating to assets held out- side India in con- travention of section 4.Ex-530/201574 further period of at least thirty days shall be granted from the date of communication of vacation of such stay order. (4) The order of the Competent Authority confirming seizure of equivalent asset shall continue till the disposal of adjudication proceedings a nd ther eafter, the Adjudicating Authority shall pass appropriate directions in the adjudication order with regard to further action as regards the seizure made under sub-section (1): Provided that if, at any sta ge of the proceedings under this Act, the aggrieved person discloses the fa ct of such foreign exchange, for eign security or immovable property a nd brings back the same into India, then the Competent Authority or the Adjudicating Authority, as the ca se may be, on receipt of an application in this regard fr om the aggrieved person, and aft er affor ding an opportunity of being heard to the aggrieved person and repr esentatives of the Directorate of Enforcement, shall pass an appropriate order as it deems fit, inclu ding sett ing aside of the seizure ma de under sub-section (1). (5) Any person aggrieved by any order passed by the Competent Authority may prefer an appeal to the Appellate Tribunal. (6) Nothing contained in section 15 shall apply to this section.”. 143.In section 46 of the Foreign Exchange Act, in sub-section (2),— (i) after clause (a), the following cla uses shall be inserted, namely:— “(aa) the instruments which are determined to be debt instruments under sub-section (7) of section 6; (ab) the permissible classes of capital account transactions in accordance with sub-section (2A) of section 6, the limits of admissibility of foreign exchange, and the prohibition, restriction or regulation of such tra nsact ions;”; (ii) after clause (g), the following cla use shall be inserted, namely:— “(gg) the aggregate va lue of foreign exchange referred to in sub- section(1) of section 37A;’’. 144.In section 47 of the Foreign Exchange Act,–– (A) in sub-section (2),— (i) for clause (a), the following clause shall be substituted, namely:–– “(a) the permissible classes of capital account transactions involving debt instruments determined under sub-section (7) of section 6, the limits of admissibility of foreign exchange for such transactions, and the prohibition, restriction or regulation of such capital account tra nsactions under section 6;”;Amendment of section 46. Amendment of section 47. Ex-530/2015 75 (ii) after clause (g), the following clause shall be inserted, namely:–– “(ga) exp ort, import or holding of curr ency or curr ency notes;”; (B) after sub-section (2), the following sub-section shall be inserted, namely:— “(3) All regulations ma de by the Reserve Ba nk before t he da te on which the pr ovisions of this section a re notified under section 6 a nd section 47 of this Act on capital account tra nsactions, the regulation making power in respect of which now vests with the Central Government, shall continue to be valid, until amended or rescinded by the Central Government.”. PA RT VI AMENDMENTS TO THE PREVENTION OF M ONEY- LAUNDERING ACT, 2002 145.In the Prevention of Money-laundering Act, 2002 (her ein referred to as the Money- laundering Act), in section 2, in sub-section (1),— (i) in clause (u), after the words “ or the va lue of a ny such pr operty”, the words “or where such property is taken or held outside the country, t hen t he p r op er t y equivalent in value held within the country” shall be inserted; (ii) in cla use (y), in sub-clause (ii), for the words “thirty lakh rupees”, the wor ds“one crore rupees” shall be substituted. 146.In section 5 of the Money-laundering Act, in sub-section (1), in the second proviso, for the word, brackets and letter “clause (b)”, the wor ds “first proviso” sha ll be s u b s t i t u t ed. 147.In section 8 of the Money-la undering Act ,–– (i) in sub-section (3), in clause (b), for the words “Adjudicating Authorit y”, the words “Special Court” sha ll be substituted; (ii) after sub-section (7), the following sub-section shall be inserted, namely:–– “(8) Where a property sta nds confiscated to the Central Government under sub-section (5), the Special Court, in such manner as may be prescribed, may also dir ect the Central Government to restore such confisca ted property or par t thereof of a claimant with a legitimate interest in the property, who may have suffered a quantifiable loss as a result of the offence of money laundering: Provided that the Special Court shall not consider such claim unless it is satisfied tha t the claimant has act ed in good faith and has suffered the loss desp ite having taken all reasonable precautions and is not involved in the offence of money laundering.’’.Amendment of section 2. 15 of 2003. Amendment of section 5. Amendment of section 8. Ex-530/201576 148.In section 20 of the Money-la undering Act ,–– (i) in sub-section (5), for the words “the Court or the Adjudicating Authority, as the ca se may be”, the wor ds “Special Court” sha ll be substituted; (ii) in sub-section (6),–– (a) for the word “Court”, the words “Special Court” shall be substituted; (b) a ft er the words “ ninety da ys fr om t he date of”, the wor ds “receipt of”sha ll be inserted. 149.In section 21 of the Money-la undering Act ,–– (i) in sub-section (5), for the words, brackets and figures “under sub- section (5) or sub-section (7) of section 8”, the wor ds, brackets, figures and lett ers “or release under su b-sect ion (5) or sub-section (6) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60” shall be substituted; (ii) in sub-section (6), –– (a) for the wor ds, brackets, figures and letters “under sub-section (6) of section 8 or by the Adjudicating Authority under section 58B or sub-section (2A) of section 60”, the wor ds, brackets and figures “Adjudicating Author ity under sub-section (5) of section 21” shall be substituted; (b) after the words “ninety da ys fr om the da te of”, the words “receipt of”sha ll be inserted. 150.In section 60 of the Money-laundering Act, in sub-section (2A), for the wor ds“Adjudicating Authorit y”, the wor ds “Special Court” sha ll be substituted. 151.In the Schedule to the Money-la undering Act, aft er Pa rt A, the following Part shall be inserted, namely:–– “PART B OFFENCE UNDER T HE CUST OMS ACT, 1962 SectionDescription of offence 132False declar ation, false documents, etc.”. PA RT VII AMENDMENT TO THE F ISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003 152.In the Fiscal Responsibility and Budget Management Act, 2003, in section 4, for the figures, letters and word ‘‘31st March, 2015’’, wherever they occur, the figures, letters and word ‘‘31st March, 2018’’ shall be substituted. Amendment of section 20. Amendment of section 21. Amendment of section 60. Amendment of Schedule.Amendment of section 4.Ex-530/2015 77 PART VIII AMENDMENTS TO THE FINANCE (NO. 2) ACT, 2004 153.In the Finance (No. 2) Act, 2004 (herein referred to as 2004 Act), in Chapter VI, section 95 shall be omitted with effect from such date as the Central Government ma y, by notification in the Official Gazette, appoint. 154.In section 97 of the 2004 Act, with effect from the 1st day of June, 2015,–– (i) after clause (5A), the following cla use shall be inserted, namely:– ‘(5AA) “initial offer” shall have the meaning assigned to it in,–– (i) clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securit ies and Exchange Boa rd of India Act, 1992, in case of a business trust, being a real estate investment trust; (ii) clause (v) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securit ies and Exchange Boa rd of India Act, 1992, in case of a business trust, being an infrastructure investment t r u st ;’ ; (ii) in clause (13), after sub-clause (aa), the following sub-clause sha ll be inserted, namely:–– “(ab) sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 under an offer for sa le to the public included in an initial offer and where such units are subsequently listed on a recognised stock excha nge; or ”. 155.In section 98 of the 2004 Act, in the Tab le, aft er serial number 6 and entr ies relating thereto, the following serial number a nd entries shall be inser ted, namely:–– Sl. No. Taxable securities transa ctionRatePayable by 1234 156.In section 100 of the 2004 Act,–– (i) after sub-section (2A), the following sub-section sha ll be inserted, namely:—Omission of section 95. Amendment of section 97. Amendment of section 98. “ 7 Sale of unlisted units of a business trust under an offer for sale referred to in sub-clause (ab) of clause (13) of section 97.0.2 per cent. Seller”;Amendment of section 100. 23 of 2004. 15 of 1992. 15 of 1992. 43 of 1961Ex-530/201578 “(2B) The lead merchant banker appointed by the business trust in resp ectof an initial offer sha ll collect the securities tr ansact ion tax fr om every person who enters into a taxable securities transaction referred to in sub- clause (ab) of clause (13) of section 97 at the rates specified in section 98.”; (ii) in sub-section (3),–– (A) after the word, brackets, figure and letter “sub-section ( 2A )”, the words, brackets, figure and letter “or sub-section (2B)” shall be inserted; (B) after the words “an initial public offer”, the words “or an initial offer”sha ll be inserted; (iii) in sub-section (4), after the words ‘‘an initial public offer’’, the words ‘‘or an initial off er ’’ sha ll be inserted. 157.In section 101 of the 2004 Act, in sub-section (1),— (A) after the words “an initial public offer”, the words “ or an initial offer” shall be inserted; (B) for the words ‘‘ being sale of units to such Mutual Fund dur ing such financial year ’’ occuring at the end, the words ‘‘du ring such financial year, being sale of units to such Mutual Fund or sale of unlisted shares under an intial public offer or sale of unlisted units of business trust under an intial offer, in respect of which such lead merchant banker is appointed’’ shall be substituted. PA RT IX AMENDMENT TO THE F INANCE ACT, 2005 158.In the Finance Act, 2005, in the Seventh Schedule, the sub- heading 2202 10 and the entries relating thereto shall be omitted. PA RT X AMENDMENT TO THE F INANCE ACT, 2007 159.In the Finance Act, 2007, in Chapter VI, section 140 shall be omitted with effect from such date as the Central Government may, by notification in the Official Gazette, appoint. PA RT XI AMENDMENT TO THE F INANCE ACT, 2010 160.In the Finance Act, 2010, in the Tenth Schedule, for the entry in column (4)occur ring aga inst a ll the headings, the entry “Rs. 300 per tonne” shall be substituted. Amendment of section 101. Amendment of Seventh Schedule Omission of section 140. Amendment of Ten th Schedule.18 of 2005. 22 of 2007. 14 of 2010. Ex-530/2015 79 THE FIRST SCHEDULE (Seesecti on 2) PART I I NCOME-TAX Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of th is Paragraph or Hin du undivided family or association of persons or body of individuals, wheth er in corporated or not, or every ar tificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of th e Income-tax Act, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1) where the total income does not exceed Rs. 2,50,000Nil; (2) where the total income exceeds Rs. 2,50,000 but10 per cent. of the amount by which the total does not exceed Rs. 5,00,000income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5, 00,000 butRs. 25,000plus20 per cent. of the amount by does n ot exceed Rs. 10,00,000 which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,25,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— Rates of income-tax (1) where the total income does not exceed Rs. 3,00,000Nil (2) where the total income exceeds Rs. 3,00,00010 per cent. of the amount by which the total but does not exceed Rs. 5,00,000 income exceeds Rs. 3,00,000; (3) where the total income exceeds Rs. 5,00,000Rs. 20,000plus20 per cent. of th e amount but does not exceed Rs. 10,00,000 by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,20,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (III) In the case of every individua l, being a resident in India, who is of the age of eighty yea rs or more at any time during the previous year,— Rates of income-tax (1) where the total income does not exceed Rs. 5,00,000 Nil; (2) where the total income exceeds Rs. 5,00,000 but20 per cent. of the amount by which the total does not exceed Rs. 10,00,000 income exceeds Rs. 5,00,000; (3) where the total income exceeds Rs. 10,00,000 Rs. 1,00,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed in accorda nce with the pr eceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, sha ll, in t he ca se of every individual or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause ( 31 ) of section 2 of t he Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calcula ted at the rate of ten per cent. of such income-tax: Ex-530/201580 Provided that in the ca se of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the ca se of every co-operative society,— Rates of income-tax (1) where the total income does not exceed Rs.10,000 10 per cent. of the total income; (2) where the total income exceeds Rs.10,000 butRs.1,000plus20 per cent. of the amount does not exceed Rs. 20,000 by which the total income exceeds Rs.10,000; (3) where the total income exceeds Rs. 20,000 Rs. 3,000plus30 per cent. of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the ca se of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount paya ble as income-tax and su rcha rge on su ch income sha ll not exceed the total amount paya ble as income-tax on a total income of one cr ore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the ca se of every firm,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calcula ted at the rate of ten per cent. of such income-tax: Provided that in the ca se of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income- tax and surcharge on such income sha ll not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Ex-530/2015 81 Paragraph D In the ca se of every local authority,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the ca se of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of ten per cent. of such income-tax: Provided that in the ca se of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcha rge on such income sha ll not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,— Rates of income-tax I. In the ca se of a domestic company30 per cent. of the total income; II. In the ca se of a company other than a domestic company— ( i ) on so much of the total income as cons ists of,— (a) royalties received from Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern aft er the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement ha s, in eit her case, been appr oved by the Central Government 50 per cent.; (ii) on the bala nce, if any, of the total income 40 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, sha ll, in the ca se of every company, be increased by a surchar ge for the purposes of the Union calculated,— Ex-530/201582 (i) in the case of every domestic company–– (a) having a total income exceeding one crore rupees, but not exceeding ten crore rupees, at the rate of five per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of ten per cent. of such income-tax; (ii) in the ca se of every company other than a domestic company–– (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income-tax;and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the ca se of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount paya ble as income-tax and surcha rge on such income sha ll not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcha rge on such income sha ll not exceed the total amount paya ble as income-tax and surcha rge on a total income of ten cr ore rupees by more than the amount of income that exceeds ten crore rupees. PART II R ATES FOR DEDUCTION OF TAX AT S OUR CE I N C ERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D, 194LBA and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:— Rate of incom-tax 1. In the case of a person other than a company— (a) where the person is resident in India— (i) on income by way of interest other than “Interest on securities”10 per cent.; (ii) on income by way of winnings fr om lot teries, crossword puzzles, ca rd30 per cent.; ga mes and other games of any sort (iii)on income by way of winnings fr om hor se races30 per cent.; (iv)on income by way of insur ance commission10 per cent.; (v) on income by way of interest payable on—10 per cent.; Ex-530/2015 83 (A) any debentures or securities for money issued by or on behalf of a ny local authority or a cor poration est ablis hed by a Central, S ta te or Provincial Act; (B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in accorda nce with the Securit ies Contr acts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (C) any security of the Central or State Government; (vi) on any other income (b) where the person is not resident in India— (i) in the ca se of a non-resident Indian— (A) on any investment income (B) on income by way of long-term capital gains referred to in section 115E or sub-clause (iii) of clause (c) of sub-section (1) of section 112 (C) on income by way of short-term capital gains referred to in section 111A (D) on income by way of other long-term capital gains [not being long-term capital gains referred to in cla u ses (33), (36) and (38) of section 10] (E) on income by way of interest payable by Government or an Indian concern on moneys borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (F) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject r eferred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second pr oviso to s ub-s ection (1A) of section 115A of the Income-tax Act, to a person resident in India (G) on income by way of roya lty [not being roya lty of the nature referred to in sub-item (b)(i)(F)] payable by Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern and where such agr eement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in for ce, of the Government of India, the agreement is in accorda nce with that policy (H) on income by way of fees for technical services paya ble by Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Cent ral Government or where it rela tes to a mat ter included in the industr ial policy, for the time being in for ce, of the Government of India, the agreement is in accorda nce with that policy10 per cent.; 20 per cent.; 10 per cent.; 15 per cent.; 20 per cent.; 20 per cent.; 10 per cent.; 10 per cent.; 10 per cent.; Ex-530/201584 (I) on income by way of winnings fr om lot teries, crossword puzzles, ca rd games and other games of any sort (J) on income by way of winnings fr om hor se races (K) on the whole of the other income (ii) in the case of any other person— (A) on income by way of interest paya ble by Government or an Indian concern on moneys borr owed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (B) on income by way of royalty payable by Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern where such roya lty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act , to the Indian concern, or in resp ect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (C) on income by way of roya lty [not being roya lty of the nature referred to in sub-item (b)(ii)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Gover nment or the Indian concern and where such agreement is with an Indian concern, the agreement is appr oved by the Central Government or where it relates to a matter included in t he industr ial policy, for the time being in for ce, of the Government of India, the agreement is in accorda nce with that policy (D) on income by way of fees for technical services paya ble by Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is appr oved by the Centr al Government or where it relates to a ma tter included in the industr ial policy, for the time being in for ce, of t he Government of India, the agreement is in accordance with that policy (E) on income by way of winnings fr om lotteries, crossword puzzles, ca rd games and other games of any sort (F) on income by way of winnings fr om hor se races (G) on income by way of short-term capital gains referred to in section 111A (H) on income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 112 (I) on income by way of other long-term capital gains [not being long-term capital ga ins referred to in cla u ses (33), (36) and (38) of section 10]30 per cent.; 30 per cent.; 30 per cent.; 20 per cent.; 10 per cent.; 10 per cent.; 10 per cent.; 30 per cent.; 30 per cent.; 15 per cent.; 10 per cent.; 20 per cent.; Ex-530/2015 85 (J) on the whole of the other income 2. In the case of a company— (a) where the company is a domestic company— (i) on income by way of interest other than “Interest on securities” (ii) on income by way of winnings fr om lotteries, crossword puzzles, ca rd games and other games of any sort (iii) on income by way of winnings fr om hor se races (iv) on any other income (b) where the company is not a domestic company— (i) on income by way of winnings fr om lot teries, crossword puzzles, ca rd games and other games of any sort (ii) on income by way of winnings fr om hor se races (iii) on income by way of interest paya ble by Government or an Indian concern on moneys borr owed or debt incurred by Government or the Indian concern in for eign currency (not being income by way of interest referred to in section 194LB or section194LC) (iv) on income by way of roya lty paya ble by Government or an Indian concern in pursuance of an agreement ma de by it with the Government or the Indian concern aft er the 31st day of Mar ch, 1976 where such roya lty is in cons ideration for the transfer of all or any rights (including the granting of a licence) in resp ect of copyr ight in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income- tax Act, to the Indian concern, or in resp ect of any computer soft ware referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (v) on income by way of roya lty [not being roya lty of the nature referred to in sub- item (b)(iv)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concer n, the agr eement is approved by the Centr al Government or where it relates to a matter included in the industr ial policy, for the time being in for ce, of t he Government of India, the agreement is in accordance with that policy— (A) where the agreement is ma de aft er the 31st day of Mar ch, 1961 but before the 1st day of April, 1976 (B) where the agreement is ma de aft er the 31st day of Mar ch, 1976 (vi) on income by way of fees for technical services payable by Government or an Indian concern in pursua nce of an agreement ma de by it with the Government or the 10 per cent.; 50 per cent.; 10 per cent.; Ex-530/201586 30 per cent.; 30 per cent.; 10 per cent.; 30 per cent.; 30 per cent.; 20 per cent.; 10 per cent.; Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industr ial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is ma de aft er the 29th day of February, 1964 but before the 1st day of April, 1976 (B) where the agreement is ma de aft er the 31st day of Mar ch, 1976 (vii) on income by way of short-term capital gains referred to in section 111A (viii) on income by way of long-term capital gains referred to in sub-clause (iii) of clause ( c ) of sub-section (1) of section 112 (ix) on income by way of other long-term capital gains [not being long-term capital gains referred to in clauses (33), (36) and (38) of section 10] (x) on any other income Explanation.— For the purpose of item 1(b)(i) of this Par t, “investment income” and “non-resident Indian” sha ll ha ve the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accorda nce with the provisions of— (i) it em 1 of this Par t, sha ll be increased by a surchar ge, for purposes of t he Union, in the ca se of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause ( vii ) of clause (31) of section 2 of the Income-tax Act or co-operative society or firm or local authority, being a non- resident, calcula ted at the rate of twelve per cent. of such ta x, where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (ii) it em 2 of this Par t, sha ll be increased by a sur char ge, for purposes of the Union, in the case of every company other than a domestic company, calculated,— (a) at the ra te of t wo per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the ra te of five per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees.50 per cent.; 10 per cent.; 15 per cent.; 10 per cent.; 20 per cent.; 40 per cent.; Ex-530/2015 87 PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM IN CO ME CHARGEABLE UNDER THE HEAD “SALARIES” AND COMPUTING “ADVANCE TAX” In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or pa id on, income cha rgeable under the head “Salaries” under section 192 of the said Act or in which the “advance tax” payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax” [not being “advance tax” in resp ect of any income cha rgeable to tax under Chapter XII or Chapter XII-A or income cha rgeable to tax under section 115JB or section 115JC or Chapter XII-FA or Chapter XII- FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such “advance tax” in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBE or section 115E or section 115JB or section 115JC] sha ll be charged, deducted or computed at the following r a te or rates:— Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individua ls, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income- tax Act, not being a case to which any other Paragraph of this Part applies,— (RATES OF INCOME TAX ) (1) where the total income does not exceed Rs. 2,50,000 Nil; (2) where the total income exceeds Rs. 2,50,000 but10 per cent. of the amount by which does not exceed Rs. 5,00,000 the total income exceeds Rs. 2,50,000; (3) where the total income exceeds Rs. 5,00,000 butRs. 25,000plus20 per cent. of the does not exceed Rs. 10,00,000 amount by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000Rs. 1,25,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. \(II) In the ca se of every individu al, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— Rates of income-tax (1) where the total income does not exceed Rs. 3,00,000 Nil; (2) where the total income exceeds Rs. 3,00,000 but10 per cent. of the amount by which does not exceed Rs. 5,00,000 the total income exceeds Rs. 3,00,000; Ex-530/201588 (3) where the total income exceeds Rs. 5,00,000Rs. 20,000plus20 per cent. of the amount but does not exceed Rs. 10,00,000 by which the total income exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 10,00,000 Rs. 1,20,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (III) In the ca se of every individu al, being a resident in India, who is of the age of eighty years or more at any time during the previous year,— Rates of income-tax (1) where the total income does not exceed Nil; Rs. 5,00,000 (2) where the total income exceeds20 per cent. of the amount by which Rs. 5,00,000 but does not exceed the total income exceeds Rs. 10,00,000 Rs. 5,00,000; (3) where the total income exceeds Rs. 10,00,000 Rs. 1,00,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, sha ll, in the ca se of every individual or Hindu undivided family or association of per sons or body of individuals, whether incorpora ted or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one cr ore rupees, be increased by a surcha rge for the pur pose of t he Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the ca se of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income sha ll not exceed the total amount paya ble as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the ca se of every co-operative society,— Rates of income-tax (1) where the total income does not exceed10 per cent. of total income; Rs. 10,000 (2) where the total income exceedsRs. 1,000plus20 per cent. of the amount Rs. 10,000 but does not exceed Rs. 20,000by which the total income exceeds Rs.10,000; (3) where the total income exceeds Rs. 20,000 Rs. 3,000plus30 per cent. of the amount by which the total income exceeds Rs. 20,000. Ex-530/2015 89 Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, sha ll, in the ca se of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the ca se of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount paya ble as income-tax and su rcha rge on su ch income sha ll not exceed the total amount paya ble as income-tax on a total income of one cr ore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the ca se of every firm,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calcula ted at the rate of twelve per cent. of such income-tax: Provided that in the ca se of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income- tax and surcharge on such income sha ll not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the ca se of every local authority,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the ca se of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the ca se of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcha rge on such income sha ll not exceed the total Ex-530/201590 amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,— Rates of income-tax I. In the ca se of a domestic company30 per cent. of the total income; II. In the ca se of a company other than a domestic company— (i) on so much of the total income as cons ists of,— (a) royalties received fr om Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received fr om Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of Apr il, 1976, and where such agreement has, in either case, been approved by the50 per cent.; CentralGovernment (ii) on the bala nce, if any, of the total income 40 per cent. Surcharge on income-tax The amount of income-tax computed in accorda nce with the preceding provisions of this Par agra ph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,— (i) in the case of every domestic company,— (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax;and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; (ii) in the ca se of every company other than a domestic company,— (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the ra te of two per cent. of such income-tax;and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the ca se of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount paya ble as income-tax and surcha rge on such income sha ll not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcha rge on such income sha ll not exceed the total amount paya ble as income-tax and surcha rge on a total income of ten cr ore rupees by more than the amount of income that exceeds ten crore rupees. Ex-530/2015 91 PART IV [Seesection 2( 13 )( c )] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.— Agricultural income of the nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act sha ll be computed as if it were income char geable to income-tax under that Act under the head “Income fr om other sour ces” and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a refer ence to sub-sections (3) and (4) of section 40A. Rule 2.— Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income-tax Act [other than income derived fr om any building required as a dwelling- house by the receiver of t he rent or revenue of t he cultiva tor or the receiver of rent- in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head “Profits and gains of business or profession” and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [ot her than sub-sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3.— Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being income derived fr om any building required as a dwelling-house by the receiver of the rent or revenue or the cultiva tor or the receiver of rent-in-kind referred to in the sa id sub-clause (c) shall be computed as if it were income char geable to income-tax under that Act under the head “Income fr om house property” and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly. Rule 4 .—Notwithstanding anything conta ined in any other provisions of these rules, in a case— (a) where the assessee derives income fr om sa le of tea grown and manufactured by him in India, such income sha ll be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income sha ll be regarded as the agr icultural income of the assessee; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income sha ll be regarded as the agr icultural income of the assessee; (c) where the assessee derives income fr om sa le of coffee grown and manufactured by him in India, such income sha ll be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the ca se may be, of such income shall be regarded as the agr icultural income of the assessee. Rule 5.— Where the assessee is a member of an association of persons or a body of individuals (ot her than a Hindu undivided family, a company or a firm) which in the previous year has either no income cha rgea ble to tax under the Income-tax Act or has total income not exceeding the maximum amount not cha rgeable to tax in the ca se of an association of persons or a body of individu als (ot her than a Hindu undividedEx-530/201592 family, a company or a fir m) but has any agr icultural income then, the agr icultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agr icultural income or loss so computed sha ll be regarded as the agr icultural income or loss of the assessee. Rule 6.— Where the result of the computation for the previous year in resp ect of any source of agr icultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year fr om any other source of agr icultural income: Provided that where the assessee is a member of an association of persons or a body of individu als and the share of the assessee in the agr icultural income of the association or body, as the ca se may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agr icultural income. Rule 7.—Any sum payable by the assessee on account of any tax levied by the State Government on the agr icultural income sha ll be deducted in computing the agricultural income. Rule 8.—(1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2015, any agricu ltural income and the net result of the computation of the agr icultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of Apr il, 2007 or the 1st day of Apr il, 2008 or the 1st day of Apr il, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act,–– (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2007, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of Apr il, 2012 or the 1st day of Apr il, 2013 or the 1st day of Apr il, 2014, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014, Ex-530/2015 93 (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, sha ll be set off against the agr icultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of Apr il, 2015. (2) Where the assessee ha s, in the previous year relevant to the assessment year commencing on the 1st day of April, 2016, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in resp ect of the income of a period other than the previous year, in such other period, any agr icultural income and the net result of the computation of the agr icultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of Apr il, 2014 or the 1st day of Apr il, 2015, is a loss, then, for the purposes of sub-section (10) of section 2 of this Act,–– (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of Apr il, 2015, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agr icultural income for the previous Ex-530/201594 year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agr icultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, sha ll be set off against the agr icultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of Apr il, 2016. (3) Where any person deriving any agr icultural income fr om any source has been succeeded in such capa city by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incur ring the los s, to ha ve it s et off under sub- rule (1) or, as the case may be, sub- rule ( 2 ). (4) Notwithstanding anything conta ined in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules conta ined in the Fir st Schedule to the Fina nce Act, 2007 (22 of 2007) or of the First Schedule to the Finance Act, 2008 (18 of 2008) or of the Fir st Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or of the First Schedule to the Finance Act, 2010 (14 of 2010) or of the Fir st Schedule to the Fina nce Act, 2011 ( 8 of 2011) or of the Fir st Schedule to the Fina nce Act, 2012 ( 23 of 2012) or of the First Schedule to the Finance Act, 2013 (17 of 2013) or of the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) shall be set off under sub-rule ( 1 ) or, as the case may be, sub-rule ( 2 ). Rule 9.—Where the net result of the computation ma de in accorda nce with these rules is a loss, the loss so computed shall be ignored and the net agr icultural income sha ll be deemed to be nil . Rule 10.—T he provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) sha ll, with the necessary modifications, apply in relation to the computation of the net agr icultural income of the assessee as they apply in relation to the assessment of the total income. R u l e 11.—F or the purposes of computing the net agr icultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income. Ex-530/2015 95 THE SECOND SCHEDULE (Seesection 91) In the Fir st Schedule to the Customs Tar iff Act,— (1) in Chapter 27, for the entry in column (4), occurring against tariff item 2701 12 00, the entry “10%” shall be substituted; (2) in Chapter 72, for the entry in column (4) occurring against all the tariff items, the entry “15%” shall be substituted; (3) in Chapter 73, for the entry in column (4) occurring against all the tariff items, the entry “15%” shall be substituted; (4) in Chapter 87, for the entry in column (4) occurring against all the tar iff items of headings 8702 and 8704, the entry “40%” shall be substituted. THE THIRD SCHEDULE (Seesection 104) Notification No.AmendmentP er iod of effect and dateof amendment (1)(2) (3) In the said notification, in the Table, after serial number 205 and the entries relating thereto, the following serial number and entries shall be inserted, namely:-17th day of March, 2012 to 2nd February, 2014 (both days in- clusive) (1)(2)(3)(4) (5) “205A 7302 or 8530 Railway or tramway track construction material of iron and steel. Explanation - For the purposes of this ex- emption, the value of the goods shall be the va lue of goods sha ll be the value of goods excluding th e value of rails.12% 49"; G.S.R. 163(E), date the 17th March, 2012[12/2012-Central Excise, dated the 17th March, 2012] as amended vide GS.R 75(E), dated the 3rd February, 2014 [03/2014-Central Excise, dated the 3rd February, 2014]Ex-530/201596 THE FOURTH SCHEDULE (Seesection 105) In the Third Schedule to the Central Excise Act,— (i) aft er serial number 15 and the entr ies relating thereto, the following serial number and entr ies sha ll be inserted, namely:— S.No. Heading, sub-heading or tariff item Description of goods (1)(2)(3) “15A. 2101 20 Extracts, essences and concentrates, of tea or mate, and preparations with a basis of these extracts, essences or concentrates or with a basis of tea or mate”; (ii) aft er serial number 23 and the entr ies relating thereto, the following serial number and entr ies sha ll be inserted, namely:— (1)(2)(3) “23A.2202 All goods”; (iii) against serial number 94,— (a) for the entry in column (2), the entry “Chapter 85 or Chapter 94” shall be substituted; (b) in column (3 ), for the wor ds “except lamps for automobiles”, the wor ds, figures, brackets and lett ers “falling under heading 8539 (except lamps for automobiles), LED lights or fixtures including LED lamps falling under Chapter 85 or heading 9405” shall be substituted. THE FIFTH SCHEDULE (Seesection 106) In the First Schedule to the Central Excise Tariff Act,— (i) in Chapter 4, for the entry in column (4) occurring against tariff items 0402 91 10 and 0402 99 20, the entry “12.5%” shall be substituted; (ii) in Cha p ter 11,– (a) for the entry in column (4) occurring against all the tariff items of heading 1107, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against all the tariff items of heading 1108 (except tariff item 1108 20 00), the entry “12.5%” shall be substituted; (iii) in Chapter 13, for the entry in column (4) occurring against all the tariff items (except tariff item 1302 11 00), the entry “12.5%” shall be substituted; (iv) in Cha p ter 15,– Ex-530/2015 97 (a) for the entry in column (4) occurring against tariff item 1517 10 22, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 1520 00 00, the entry “12.5%” shall be substituted; (c) for the ent ry in column (4) occurring against all the tar iff items of headings 1521 and 1522, the entry “12.5%” shall be substituted; (v) in Chapter 17, for the entry in column (4) occur ring against all the tar iff items of headings 1701 (except tariff items 1701 13 20 and 1701 14 20), 1702 (except tariff item 1702 90 10) and 1704, the entry “12.5%” shall be substituted; (vi) in Chapter 18, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (vii) in Chapter 19,– (a) for the entry in column (4) occurring against tariff items 1901 20 00, 1901 90 10 and 1901 90 90, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff items 1902 40 10 and 1902 40 90, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of heading 1904, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff items 1905 32 11, 1905 32 19 and 1905 32 90, the entry “12.5%” shall be substituted; (viii) in Chapter 21,— (a) for the entry in column (4) occurring against all the tariff items of heading 2101 (except tariff items 2101 30 10, 2101 30 20 and 2101 30 90), the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against all the tariff items of headings 2102, 2103 and 2104, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of heading 2106 (except tariff items 2106 90 20 and 2106 90 92), the entry “12.5%” shall be substituted; (ix) in Chapter 22,— (a) for the entry in column (4) occurring against all the tariff items of heading 2201 (except tariff item 2201 90 10), the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff items 2202 10 10, 2202 10 20 and 2202 10 90, the entry “18%” shall be substituted; (c) for the entry in column (4) occurring against tariff items 2202 90 30 and 2202 90 90, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 2207 20 00, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of heading 2209, the entry “12.5%” shall be substituted; Ex-530/201598 (x) in Cha p ter 24,— (a) for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry “12.5% or Rs.3375 per thousand, whichever is higher” sha ll be substituted; (b) for the entry in column (4) occurring against tariff item 2402 20 10, the entry “Rs. 1280 per thousa nd” sha ll be substituted; (c) for the entry in column (4) occurring against tariff item 2402 20 20, the entry “Rs. 2335 per thousand” shall be substituted; (d) for the entry in column (4) occurr ing against tar iff item 2402 20 30, the entry “Rs. 1280 per thousa nd” shall be substituted; (e) for the entry in column (4) occurring against tariff item 2402 20 40, the entry “Rs.1740 per thousand” shall be substituted; (f) for the entry in column (4) occurring against tariff item 2402 20 50, the entry “Rs. 2335 per thousa nd” shall besubstituted; (g) for the entry in column (4) occurring against tariff item 2402 20 90, the entry “Rs. 3375 per thousand” shall be substituted; (h) for the entry in column (4) occurring against tariff item 2402 90 10, the entry “Rs. 3375 per thousand” shall be substituted; (i) for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry “ 12.5% or Rs. 3375 per thousand, whichever is higher” sha ll be substituted; (j) for the entry in column (4) occurring against tariff item 2403 99 70, the entry “Rs.70 per kg.” shall be substituted; (xi) in Chapter 25,– (a) for the entry in column (4) occurring against tariff item 2503 00 10, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurr ing against tar iff items 2515 12 20 and 2515 12 90, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against tariff item 2523 10 00, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 2523 21 00, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of sub-heading 2523 29, the entry “Rs.1000 per tonne” shall be substituted; (f) for the entry in column (4) occurring against tariff items 2523 30 00, 2523 90 10, 2523 90 20 and 2523 90 90, the entry “12.5%” shall be substituted; (xii) in Chapter 26, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; Ex-530/2015 99 (xiii) in Chapter 27, for the entry in column (4) occurring against tariff item 2710 19 30, the entry “14% + Rs. 15 per litre” shall be substituted; (xiv) in Chapter 28, for the entry in column (4) occurring against all the tariff items (except tariff items 2804 40 10, 2844 30 22, 2845 10 00, 2845 90 10 and 2853 00 30), the entry “12.5%” shall be substituted; (xv) in Chapter 29, for the entry in column (4) occurring against all the tariff items (except tariff item 2933 41 00), the entry “12.5%” shall be substituted; (xvi) in Chapter 31, for the entry in column (4) occurring against all the tariff items of headings 3102, 3103, 3104 and 3105, the entry “12.5%” shall be substituted; (xvii) in Chapter 32, for the entry in column (4) occurring against all the tariff items (except tariff items 3215 90 10 and 3215 90 20), the entry “12.5%” shall be substituted; (xviii) in Chapter 33, for the entry in column (4) occurring against all the tariff items (except tariff item 3307 41 00), the entry “12.5%” shall be substituted; (xix) in Chapter 34, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xx) in Chapter 35, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xxi) in Chapter 36, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xxii) in Chapter 37, for the entry in column (4) occurring against all the tariff items of headings 3701, 3702, 3703, 3704 and 3707, the entry “12.5%” shall be substituted; (xxiii) in Chapter 38, for the entry in column (4) occurring against all the tariff items (except tariff items 3824 50 10, 3825 10 00, 3825 20 00 and 3825 30 00), the entry “12.5%” shall be substituted; (xxiv) in Cha p ter 39,– (a) for the entry in column (4) occurring against all the tariff items (except tariff items 3916 10 20, 3916 20 11, 3916 20 91, 3916 90 10, 3923 21 00, 3923 29 10 and 3923 29 90), the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against the tariff items 3923 21 00, 3923 29 10 and 3923 29 90, the entry “18%” shall be substituted; (xxv) in Cha p ter 40,– (a) for the entry in column (4) occurring against all the tariff items of heading 4002, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff items 4003 00 00 and 4004 00 00, the entry “12.5%” shall besubstituted; (c) for the entry in column (4) occurring against all the tariff items of headings 4005 to 4007, 4008 (except tariff items 4008 19 10, 4008 21 10 and 4008 29 20) and 4009 to 4011, the entry “12.5%” shall be substituted; Ex-530/2015100 (d) for the entry in column (4) occurring against tariff items 4012 90 10 to 4012 90 90, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of headings 4013, 4014 (except tariff items 4014 10 10 and 4014 10 20), 4015, 4016 and 4017, the entry “12.5%” shall be substituted; (xxvi) in Chapter 42, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xxvii) in Chapter 43, for the ent ry in column (4) occur ring against all the tar iff items, the ent ry “12.5%” shall be substituted; (xxviii) in Cha p ter 44,– (a) for the entry in column (4) occurring against all the tariff items of headings 4401, 4403, 4404, 4406, 4408 (except tariff items 4408 10 30, 4408 31 30, 4408 39 30 and 4408 90 20) and 4409 to 4412, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff items 4413 00 00 and 4414 00 00, the entry “12.5%” shall be substituted; (c) for the ent ry in column (4) occurring against all the tar iff items of headings 4415 and 4416, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 4417 00 00, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occur ring against all the tar iff items of headings 4418 to 4421, the entry “12.5%” shall be substituted; (xxix) in Chapter 45, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; ( xxx ) in Chapter 47, for the entry in column (4) occurring against all the tariff items of heading 4707, the entry “12.5%” shall besubstituted; (xxxi) in Chapter 48,– (a) for the entry in column (4) occurring against all the tariff items of headings 4803, 4806 (except tariff items 4806 20 00 and 4806 40 10), 4809 and 4811, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 4812 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of headings 4813, 4814, 4816, 4818, 4819 (except tariff item 4819 20 10), 4820 to 4822 and 4823 (except tariff item 4823 90 11), the entry “12.5%” shall be substituted; (xxxii) in Chapter 49, for the entry in column (4) occurring against all the tariff items of heading 4908, the entry “12.5%” shall be substituted; Ex-530/2015 101 (xxxiii) in Chapter 50, for the entry in column (4) occurring against all the tariff items of headings 5004 to 5007, the entry “12.5%” shall be substituted; (xxxiv) in Chapter 51, for the entry in column (4) occur ring against all the tar iff items of headings 5105 to 5113, the entry “12.5%” sha ll be substituted; (xxxv) in Chapter 52, for the entry in column (4) occurring against all the tariff items of headings 5204 to 5212, the entry “12.5%” shall be substituted; (xxxvi) in Chapter 53, for the entry in column (4) occurring against all the tariff items of headings 5302, 5305, 5306, 5307 (except tariff item 5307 10 90), 5308 (except tariff items 5308 10 10, 5308 10 20 and 5308 10 90), 5309, 5310 and 5311, the entry “12.5%” shall be substituted; (xxxvii) in Chapter 54, for the entry in column (4) occur ring against all the tar iff items, the entry “12.5%” shall be substituted; (xxxviii) in Chapter 55, for the entry in column (4) occur ring against all the tar iff items, the entry “12.5%” shall be substituted; (xxxix) in Chapter 56, for the entry in column (4) occur ring against all the tar iff items, the entry “12.5%” shall be substituted; (xl) in Chapter 57, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xli) in Chapter 58, for the entry in column (4) occurring against all the tariff items of headings 5801, 5802, 5803, 5804 (except tariff item 5804 30 00), 5806 and 5808 to 5811, the entry “12.5%” shall be substituted; (xlii) in Chapter 59, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xliii) in Chapter 60, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xliv) in Chapter 61, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xlv) in Chapter 62, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (xlvi) in Cha p ter 63,– (a) for the entry in column (4) occur ring against all the tar iff items of headings 6301 to 6307, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 6308 00 00, the entry “12.5%” shall be substituted; (xlvii) in Chapter 64, for the entry in column (4) occur ring against all the tar iff items, the entry “12.5%” shall be substituted; Ex-530/2015102 (xlviii) in Chapter 65, for the entry in column (4) occurring against all the tariff items (except tariff item 6503 00 00), the entry “12.5%” shall be substituted; (xlix) in Chapter 66, for the entry in column (4) occurring against all the tariff items of heading 6603, the entry “12.5%” shall be substituted; (l) in Chapter 67, for the entry in column (4) occur ring against all the tar iff items of headings 6702 to 6704, the entry “12.5%” shall be substituted; (li) in Chapter 68, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lii) in Chapter 69, for the entry in column (4) occurring against all the tariff items (except tariff items 6901 00 10 and 6904 10 00), the entry “12.5%” shall be substituted; (liii) in Chapter 70, for the entry in column (4) occurring against all the tariff items (except tariff items 7012 00 00, 7018 10 10, 7018 10 20, 7020 00 11, 7020 00 12 and 7020 00 21), the entry “12.5%” shall be substituted; (liv) in Chapter 71,– (a) for the entry in column (4) occurr ing against all the tariff items of headings 7101, 7103, 7104 (except tariff item 7104 10 00), 7105 and 7106, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 7107 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of heading 7108, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 7109 00 00, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of heading 7110, the entry “12.5%” shall be substituted; (f) for the entry in column (4) occurring against tariff item 7111 00 00, the entry “12.5%” shall be substituted; (g) for the entry in column (4) occurring against all the tariff items of headings 7112 to 7116 and 7118, the entry “12.5%” shall be substituted; (lv) in Chapter 72, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lvi) in Chapter 73, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lvii) in Chapter 74,– (a) for the entry in column (4) occur ring against all the tar iff items of headings 7401 to 7404, the entry “12.5%” shall be substituted; Ex-530/2015 103 (b) for the entry in column (4) occurring against tariff item 7405 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occur ring against all the tar iff items of headings 7406 to 7412, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 7413 00 00, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of headings 7415, 7418 and 7419, the entry “12.5%” shall be substituted; (lviii) in Chapter 75, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lix) in Chapter 76, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lx) in Chapter 78, for the entry in column (4) occurring against all the tariff items of headings 7801, 7802, 7804 and 7806, the entry “12.5%” shall be substituted; (lxi) in Chapter 79, for the entry in column (4) occur ring against all the tar iff items of headings 7901 to 7905 and 7907, the entry “12.5%” shall be substituted; (lxii) in Chapter 80, for the entry in column (4) occurring against all the tariff items of headings 8001, 8002, 8003 and 8007, the entry “12.5%” shall be substituted; (lxiii) in Chapter 81, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lxiv) in Chapter 82, for the entry in column (4) occurring against all the tariff items (except tariff items 8215 10 00, 8215 20 00, 8215 91 00 and 8215 99 00), the entry “12.5%” shall be substituted; (lxv) in Chapter 83, for the entry in column (4) occurring against all the tariff items, the entry “12.5%” shall be substituted; (lxvi) in Chapter 84, for the entry in column (4) occurring against all the tariff items of headings 8401 to 8423, 8424 (except tariff item 8424 81 00), 8425 to 8431, 8434, 8435, 8438 to 8451, 8452 (except tariff items 8452 10 12, 8452 10 22, 8452 30 10, 8452 30 90, 8452 90 11, 8452 90 19, 8452 90 91 and 8452 90 99), 8453 to 8468, 8469 (except tariff items 8469 00 30 and 8469 00 40), 8470 to 8478, 8479 (except tariff item 8479 89 92), 8480 to 8484, 8486 and 8487, the entry “12.5%” shall be substituted; (lxvii) in Cha p ter 85,– (a) for the entry in column (4) occurring against all the tariff items of headings 8501 to 8519, 8521, 8522, 8523, 8525 to 8533, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 8534 00 00, the entry “12.5%” shall be substituted; Ex-530/2015104 (c) for the entry in column (4) occur ring against all the tar iff items of headings 8535 to 8547, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 8548 90 00, the entry “12.5%” shall be substituted; (lxviii) in Cha p ter 86,– (a) for the entry in column (4) occurring against tariff item 8604 00 00, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against all the tariff items of headings 8607 and 8608, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against tariff item 8609 00 00, the entry “12.5%” shall be substituted; (lxix) in Cha p ter 87,– (a) for the entry in column (4) occurring against all the tariff items of headings 8701, 8702 (except tariff items 8702 10 11, 8702 10 12, 8702 10 19, 8702 90 11, 8702 90 12 and 8702 90 19), the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff items 8703 10 10 and 8703 90 10, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of headings 8704 (except tariff items 8704 10 90, 8704 31 90, 8704 32 19, 8704 32 90, 8704 90 19 and 8704 90 90) and 8705, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff items 8706 00 11, 8706 00 19, 8706 00 31, 8706 00 41 and 8706 00 50, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against all the tariff items of headings 8707, 8708 and 8709, the entry “12.5%” shall be substituted; (f) for the entry in column (4) occurring against tariff item 8710 00 00, the entry “12.5%” shall be substituted; (g) for the entry in column (4) occurring against all the tariff items of headings 8711, 8712 and 8714 to 8716, the entry “12.5%” shall be substituted; (lxx) in Chapter 88, for the entry in column (4) occur ring against all the tar iff items of headings 8802 (except tariff item 8802 60 00) and 8803, the entry “12.5%” shall be substituted; (lxxi) in Cha p ter 89,– (a) for the entry in column (4) occur ring against all the tar iff items of headings 8903 and 8907, the entry “12.5%” shall be substituted; Ex-530/2015 105 (b) for the entry in column (4) occurring against tariff item 8908 00 00, the entry “12.5%” shall be substituted; (lxxii) in Cha p ter 90,– (a) for the entry in column (4) occurring against all the tariff items of headings 9001 (except tariff items 9001 40 10, 9001 40 90 and 9001 50 00), 9002 to 9008, 9010 to 9016, 9017 (except tariff items 9017 20 10, 9017 20 20, 9017 20 30 and 9017 20 90), 9018 and 9019, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 9020 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occur ring against all the tar iff items of headings 9022 to 9032, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against tariff item 9033 00 00, the entry “12.5%” shall be substituted; (lxxiii) in Chapter 91, for the entry in column (4) occur ring against all the tar iff items, the entry “12.5%” shall be substituted; (lxxiv) in Cha p ter 92,– (a) for the entry in column (4) occurring against all the tariff items of headings 9201, 9202 and 9205, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 9206 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occur ring against all the tar iff items of headings 9207 to 9209, the entry “12.5%” shall be substituted; (lxxv) in Cha p ter 93,– (a) for the entry in column (4) occurring against tariff item 9302 00 00, the entry “12.5%” shall be substituted; (b) for the entry in column (4) occurring against all the tariff items of heading 9303, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against tariff item 9304 00 00, the entry “12.5%” shall be substituted; (d) for the entry in column (4) occurring against all the tariff items of headings 9305 and 9306, the entry “12.5%” shall be substituted; (e) for the entry in column (4) occurring against tariff item 9307 00 00, the entry “12.5%” shall be substituted; Ex-530/2015106 (lxxvi) in Chapter 94, for the entry in column (4) occurring against all the tariff items (except tariff item 9405 50 10), the entry “12.5%” shall be substituted; (lxxvii) in Chapter 95, for the entry in column (4) occurring against all the tariff items of headings 9503 to 9508 (except tariff item 9508 10 00), the entry “12.5%” shall be substituted; (lxxviii) in Cha p ter 96,– (a) for the entry in column (4) occur ring against all the tar iff items of headings 9601 to 9603, the entry “12.5%” shall be substituted ; (b) for the entry in column (4) occurring against tariff item 9604 00 00, the entry “12.5%” shall be substituted; (c) for the entry in column (4) occurring against all the tariff items of headings 9605, 9606 (except tariff items 9606 21 00, 9606 22 00, 9606 29 10, 9606 29 90 and 9606 30 10) and 9607 to 9608, the entry “12.5%” shall be substituted ; (d) for the entry in column (4) occurring against tariff item 9611 00 00, the entry “12.5%” shall be substituted; (e) for the ent ry in column (4) occurring against all the tar iff items of headings 9612 and 9613, the entry “12.5%” shall be substituted ; (f) for the entry in column (4) occurring against tariff item 9614 00 00, the entry “12.5%” shall be substituted; (g) for the entry in column (4) occurring against all the tariff items of headings 9616 and 9617, the entry “12.5%” shall be substituted ; (h) for the entry in column (4) occurring against tariff item 9618 00 00, the entry “12.5%” shall be substituted. Ex-530/2015 107 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Agrahayana 15, S.E. 1937, Issue No. 581 NOTIFICATIONNo.LA.2/LEGN/2013/23, the 28th October, 2015.The following order of the Governor of Mizoram dated 26th October, 2015 is hereby published for information: “O R D E R In exercise of the powers conferred by Clause (2) (a) of Article 174 of Constitution of India, I,Lt. Gen. Nirbhay Sharma,PVSM, UYSM, AVSM, VSM (Retd), Governor of Mizoram do hereby prorogue the Seventh Session of the Seventh Legislative Assembly of the State of Mizoram wit h effect from the afternoon of the 21st October, 2015 after conclusion of the Business. Lt. Gen. Nirbhay Sharma, PVSM, UYSM, AVSM, VSM (Retd), Governor of Mizoram” Ngurthanzuala, Secretary. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Kartika 15, S.E. 1937, Issue No. 582 AFFIDAVITI, LalchhanhimaRalte S/o Sangthianga (L), permanent resident of Zuangtui, Aizawl, Mizoram, do hereby solemnly affirm as hereunder: 1.That I am a bonafide citizen of India and I am eligible to swear this affidavit. 2.That in my Educational Certifica tes a nd mar k sheets my name has been recorded as Lalchhanhima Ralte which is correct whereas in my Service Book my name has been re- corded asLalchhanhima which is incorrect. 3.That the purpose of this affidavit is to correct my name asLalchhanhima Ralte in my Service Book. 4.I therefore request the concerned authority to accept this affidavit and in future my name will be recorded in the above said documents in correct i.e.,Lalchhanhima Ralte. 5.That from this day onwards my name should be written and recorded asLalchhanhima Ralte in all official or non official purpose. I declare that the contents of paragraph 1 - 5 of this affidavit are true to the best of my knowledge and belief. In witness whereof I put my signature hereto on this 2nd day of June, 2011. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.Identified by me: Sd/- KAWLKHUMA ADVOCATESigned befor e me: Sd/- Lalramhluna Advocate & Notary Public Aizawl : Mizoram Notarial Registration No 10/6 Date 2/6/11Sd/- DEPONENT

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Agrahayana 15, S.E. 1937, Issue No. 584 DEED OF CHANGING NAMEBY THIS DEED I, the undersigned K.L. BIAKRINAWMA S/o Nguljathang, resident Bazar Veng, Mamit District, Mizoram do hereby solemnly affirms and declare as under: 1.That I am a bonafide citizen of India. 2.That in all my documents and in my service book, my name has been falsely recorded as LABOI KHONGSAI. However my real name is K.L. BIAKRINAWMA. 3.That the purpose of this Affidavit is to change my name from LALBOI KHONGSAI to K.L. BIAKRINAWMA in all my official documents and in my service book. 4.That from today onwards my name shall be recorded as K.L. BIAKRINAWMA instead of LABOI KHONGSAI in all my documents and in my service book. IN WIT NESS WHEREOF, I have hereunto subscribed my name and affixed my signature on this 27th October, 2015. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.Witnesses Sd/- 1. LALHNUNA SAILO Bazar Veng, Mamit Sd/- 2. M.S. Dawngliana Hnamte Bazar Veng, MamitSd/- Chief Judicial Magistrate Mamit District : Mamit Sworn and signed before me.Sd/- DEPONENT

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Agrahayana 15, S.E. 1937, Issue No. 585 ANNEXURE 10 (CHAPTER V (Para 5.4.1), Forms related to nomination under Conduct of Election Rules, 1961) 1 [FORM 1 (See rule 3) NOTICE OF ELECTION Notice is hereby given that :- (1) an election is to be held of a member to the Mizoram Legislative Assembly in the 12-Aizawl North III (ST) Assembly Constituency (2) nomination papers may be delivered by a candidate or any of his proposer to the Returning Officer or to K.Lalrohlua, Assistant Returning Officer, in the D.C’s Office complex, Aizawl between 11 A.M. and 3 P.M. on any day (other than public holiday) not later than the 4th November, 2015 (Wednesday) (3) forms of nomination paper may be obtained at the place and times aforesaid; (4) nomination paper will be taken up for scrutiny at 12:00 Noon on 5.11.2015 (T hursday) at the Office of the Returning Officer in the Office Complex of D.C. Aizawl (5) notice of withdrawal of candidature may be delivered either by a candidate or his proposer or his election agent [who has been authorised in wirting by the candidate to deliver it] to either of the officers specified in paragraph (2) above at his office before 3 P.M. on the 7th November, 2015 (Saturday) (6) in the event of the election being contested, the poll will be taken on 21.11.2015 (Saturday) between the hours from 07:00 A.M. to 04:00 P.M. Place : Aizawl Date 28.10.2015Lalchungnunga, Returning Officer 12-Aizawl North III (ST) A.C. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Kartica 15, S.E. 1937, Issue No. 586 NOTIFICATIONNo.B.12017/21/15-SWD/Pt, the 29th October, 2015.As per the Provisions of the Guidelines of Integrated Child Protection Scheme (ICPS) (Revised), Annexure-I No.3.3, the Governor of Mizoram is pleased to constitute State Selection Committee and District Selection Committee as under : 1.State Selection Committee for recruitment of staff for various posts under ICPS : 1)Chairperson:Secretary, Socia l Welfare Department. 2)Member Secreta ry:Secretary, Mizoram State Child Protection Society (MSCPS) 3)Member:a) Dir ector, Socia l Welfare Department b) Representative from DP & AR/Finance 2.District Selection Committee for outreach worker at the DCPO : 1)Chairperson:Deputy Commissioner 2)Member Secreta ry:District Child Protection Officer 3)Members:a) Principal Magistrate, Juvenile Justice Board b) Chairperson, Child Welfare Committee c) Representative from Socia l Wefare Deptt. Lalthangpuia Sailo, Secretary to the Govt. of Mizoram Social Welfare Department. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Kartika 15, S.E. 1937, Issue No. 587 NOTIFICATIONNo.C.31012/3/2011-DCA(M), the 30th October, 2015.In pursuance of paragraph 11 of the Sixth Schedule to the Constitution of India, the following Act passed by the Mara Autonomous District Council and approved by His Excellency the Governor of Mizoram on 9.9.2015 is hereby published for general info rmation namely :- “THE MARA AUTONOMOUS DISTRICT COUNCIL (VILLAGE COUNCIL) (AMENDMENT) ACT, 2015” AN ACT furthertoamendtheMaraAutonomousDistrict(V illageCouncils)Act,1974(hereinafter referredtoasthePrincipalAct)andamendedthereintoprovideforsmoothfunctioning andbetteradministrationoftheV illageCouncils. BeitenactedbytheMaraAutonomousDistrictCouncilinitsSessioninthe Sixty–sixthYearoftheRepublicofIndiaasfollows:– Shorttitle,extent1.(1) ThisActmaybecalledtheMaraAutonomous andcommencement.District(VillageCouncils)(Amendment)Act, 2015. (2) ItshallhavelikeextentasthePrincipalAct. (3) Itshallcomeintoforcefromthedateofits publicationintheMizoramGazette. Amendmentof2.Aftersub–section(5)ofsectionuofthePrincipalAct, Section3.thefollowingsub–sectionshallbeadded,namely:– “(6) TheStateElectionCommissionshallbevested withsuperintendence,directionandcontrolof thepreparation,revisionandcorrectionof electoralrollsandtheconductofallelectionsto theVillageCouncilsinaccordancewiththe provisionsofthisAct.” Amendmentof3.(1) I nsub – sec ti o n( 6 )o fsec ti o n1 0ofth eP ri nc i p al Section10.A ct,fo rth efi g ure“1 0 0”,th efi g u re“2 5 0 ”sh al l besubstituted. (2) I nsub – sec ti o n( 8 )o fsec ti o n1 0ofth eP ri nc i p al A c t,forth efi gu re“5 0 ”,th efi g u re“20 0 ”sh al lb e substituted. Amendmentof4.Aftersub–section(3)ofsection20–BofthePrincipal Section20B.Act,thefollowingExplanationshallbeadded,namely:– “Explanation.–Forthepurposeofsub–section(3)of thissection,ƒregisteredhouseholdershallnotinclude ƒStateorCentralGovernmentemployeeandan employeeservingundertheDistrictCouncil.” Amendmentof5.Aftersub–section(4)ofsection26ofthePrincipal Section26.Act,thefollowingsub–sectionshallbeadded,namely:– “(5) TheExecutiveCommitteemay,bynotification, su sp en dƒV i l lag eCo u n c ilo rCo u n ci lso nth el i ke groundofdissolutionasprovidedinclause(a) ofsub–section(1)ofthissection: ProvidedthattheVillageCouncilor Cou n ci lsshal ln otbeke p tu ndersusp en sio n forƒp eri odex c eedi n gthreem on ths: ProvidedfurtherthattheExecutive Committeeshall,soonaftersuchsuspension, appointƒCommissiontoinquireintoandreport onthematterrelatingtosuchsuspension: Ex-587/20152 Providedalsothatincaseofsuspensionof ƒVillageCouncilorCouncils,theExecutive Committeemayappointanypersonorpersons toassumechargeofthevillageadministrationof suchVillageCouncilorCouncils,asthecasemay be,duringtheperiodofsuspension.” STATEMENTOFOBJECTSANDREASONSTheMaraAutonomousDistrictCouncilfeelsnecessarytomakenewprovisionsfor holding freeandfairelectionstotheVillageCouncilsandempoweringtheExecutive CommitteetosuspendƒVillageCouncilwhenrequired.TheBillthusaimsatentrusting theStateElectionCommissionwithƒpowertoconductelectionstotheVillageCouncils andtoprovideƒnewprovisionforsuspensionofV illageCouncilinordertocarryonthe AdministrationofVillageswithintheMaraAutonomousDistrictsmoothandmore effectively. Hence,theBill.Ex-587/2015 3 R. Thanga, Secretary to the Govt. of Mizoram District Council Affairs Department. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Kartika 15, S.E. 1937, Issue No. 588 NOTIFICATIONNo.B.13016/28/2015-UD&PA, the 3rd November, 2015.The Governor of Mizoram is pleased to constitute an Executive Committee under the ‘Mizoram Urban Sanitation Mission Society (MUSMS)’ with immediate effect and until further order with the following composition : 1)Secretary, Urban Dev & Poverty Alleviation Dept.-Chairman 2)Secretary, Finance Department or his representative not below the -Member rank of Joint Secretary 3)Principal Adviser, Planning & Programme Implementation Dept.-Member 4)Principal Director, Health & Family Welfare Dept.-Member 5)Engineer in Chief, Public Health Engineering Dept.-Member 6)Dir ector, Socia l Welfare Dept.-Member 7)Director, School Education Dept.-Member 8)Director, Higher & Technical Education Dept.-Member 9)Director, Labour & Employment Dept.-Member 10) State Mission Director (Gramin)-Member 11) Representative of Ministry of Urban Development-Member 12) State Mission Director, SBM (U)/Director, UD&PA-Member-Convener 13) Any other member (s) co-opted by the Chairman Powers and Functions of Executive Committee shall be as under : 1)The Executive Committee shall be responsible to take up decisions on the management of the Society. It shall consider, approve and authorize operation of the fund of the Society. 2)The Executive Committee may constitute special Executive Board/Advisory Board comprising of officials/NGOs/experts as required for a specific duration/assignments/purposes. 3)The Executive Committee will set up the administrative and financial guidelines for operation of Swachh Bharat Mission (Urban) and monitor the activities of the Society at the State and District level. 4)The Executive Committee will deal with any property belonging to or vested in the Society so as to suit its best interest. Dr.C.Vanlalramsanga, Secretary to the Govt. of Mizoram, Urban Development & Poverty Alleviation Department. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLIV Aizawl, Friday 6.11.2015 Kartika 15, S.E. 1937, Issue No. 589 NOTIFICATIONNo.B.13016/28/2015-UD&PA, the 3rd November, 2015.The Governor of Mizoram is pleased to constitute a Governing Body under the ‘Mizoram Urban Sanitation Mission Society (MUSMS)’ with immedi- ate effect and until further order with the following composition : 1)Minister, Urban Dev. & Poverty Alleviation Department-Chairman 2)Minister of State/Parliamentary Secretary-Member 3)Chief Secretary-Member 4)Secretary, Planning & Prog. Implementation Department-Member 5)Secretary, Finance Department-Member 6)Secretary, Public Health Engineering Department-Member 7)Secretary, Local Administration Department-Member 8)Secretary, School Education Department-Member 9)Secretary, Health & Family Welfare Department-Member 10) Representative of Ministry of Urban Development-Member 11) Secretary, Urban Dev. & Poverty Alleviation Department-Member Secreta ry - Powers and Functions of Gov erning Council shall b e as under : 1)Governing Council shall be responsible for the management and administration of the affairs of the Society. 2)Make amends or repeal by laws relating to administration and management of affairs of the Society. 3)Approve Annual Budget and Annual Plan of the Society. 4)Exercise powers and function entrusted to it by the Rules and Regulations and By-Law of the Society. DR.C.Vanlalramsanga, Secret ary to the Govt. of Mizoram, Urban Sevelopment & Povert y Alleviation Depart ment. Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-50.