An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.

Enacted 27 Jun 2016 Department Department of Revenue

Administered by. Ministry of Finance, Department of Revenue · Other Acts of 2016

What this Act covers

The Finance Act for 2016. Its First Schedule carries the rates of income-tax for the year; the rest amends the Income-tax Act and the other fiscal statutes. The rate of tax for a year is fixed here and not in the Income-tax Act.

Sections

Type to filter. 276 sections.

1. 1Short title and commencement
2. 2Income-tax
3. 3Amendment of section 2
4. 4Amendment of section 6
5. 5Amendment of section 9
6. 6Amendment of section 9A
7. 7Amendment of section 10
8. 8Amendment of section 10AA
9. 9Amendment of section 17
10. 10Amendment of section 24
11. 11Substitution of new section for sections 25A, 25AA and 25B
12. 12Amendment of section 28
13. 13Amendment of section 32
14. 14Amendment of section 32AC
15. 15Amendment of section 35
16. 16Insertion of new section 35ABA
17. 17Amendment of section 35AC
18. 18Amendment of section 35AD
19. 19Amendment of section 35CCC
20. 20Amendment of section 35CCD
21. 21Amendment of section 36
22. 22Amendment of section 40
23. 23Amendment of section 43B
24. 24Amendment of section 44AA
25. 25Amendment of section 44AB
26. 26Amendment of section 44AD
27. 27Insertion of new section 44ADA
28. 28Amendment of section 47
29. 29Amendment of section 48
30. 30Amendment of section 49
31. 31Amendment of section 50C
32. 32Insertion of new section 54EE
33. 33Amendment of section 54GB
34. 34Amendment of section 55
35. 35Amendment of section 56
36. 36Amendment of section 80
37. 37Amendment of section 80CCD
38. 38Substitution of new section for section 80EE
39. 39Amendment of section 80GG
40. 40Amendment of section 80-IA
41. 41Amendment of section 80-IAB
42. 42Insertion of new section 80-IAC
43. 43Amendment of section 80-IB
44. 44Insertion of new section 80-IBA
45. 45Substitution of new section for section 80JJAA
46. 46Amendment of section 87A
47. 47Amendment of section 92CA
48. 48Amendment of section 92D
49. 49Amendment of section 111A
50. 50Amendment of section 112
51. 51Insertion of new section 115BA
52. 52Insertion of new section 115BBDA
53. 53Amendment of section 115BBE
54. 54Insertion of new section 115BBF
55. 55Amendment of section 115JB
56. 56Insertion of new Chapter XII-BC
57. 57Amendment of section 115-O
58. 58Amendment of section 115QA
59. 59Amendment of section 115TA
60. 60Amendment of section 115TC
61. 61Insertion of new section 115TCA
62. 62Insertion of new Chapter XII-EB
63. 63Amendment of section 115UA
64. 64Amendment of section 119
65. 65Amendment of section 124
66. 66Amendment of section 133C
67. 67Amendment of section 139
68. 68Amendment of section 143
69. 69Amendment of section 147
70. 70Substitution of new section for section 153
71. 71Substitution of new section for section 153B
72. 72Amendment of section 192A
73. 73Amendment of section 194BB
74. 74Amendment of section 194C
75. 75Amendment of section 194D
76. 76Amendment of section 194DA
77. 77Amendment of section 194EE
78. 78Amendment of section 194G
79. 79Amendment of section 194H
80. 80Omission of sections 194K and 194L
81. 81Amendment of section 194LA
82. 82Amendment of section 194LBA
83. 83Amendment of section 194LBB
84. 84Insertion of new section 194LBC
85. 85Amendment of section 197
86. 86Amendment of section 197A
87. 87Amendment of section 206AA
88. 88Amendment of section 206C
89. 89Amendment of section 211
90. 90Amendment of section 220
91. 91Amendment of section 234C
92. 92Amendment of section 244A
93. 93Amendment of section 249
94. 94Amendment of section 252
95. 95Amendment of section 253
96. 96Amendment of section 254
97. 97Amendment of section 255
98. 98Insertion of new section 270A
99. 99Insertion of new section 270AA
100. 100Amendment of section 271
101. 101Amendment of section 271A
102. 102Amendment of section 271AA
103. 103Amendment of section 271AAB
104. 104Insertion of new section 271GB
105. 105Amendment of section 272A
106. 106Amendment of section 273A
107. 107Amendment of section 273AA
108. 108Amendment of section 273B
109. 109Amendment of section 276C
110. 110Amendment of section 279
111. 111Amendment of section 281B
112. 112Amendment of section 282A
113. 113Insertion of new section 286
114. 114Amendment of section 288
115. 115Amendment of Fourth Schedule
116. 116Amendment of section 2
117. 117Amendment of chapter heading of Chapter III
118. 118Omission of section 9
119. 119Amendment of section 25
120. 120Amendment of section 28
121. 121Amendment of section 47
122. 122Amendment of section 51
123. 123Substitution of new section for section 53
124. 124Substitution of new section for section 57
125. 125Substitution of new sections 58, 58A and 58B for section 58
126. 126Substitution of new section for section 59
127. 127Substitution of new section for section 60
128. 128Substitution of new section for section 61
129. 129Omission of sections 62 and 63
130. 130Substitution of new section for section 64
131. 131Amendment of section 65
132. 132Amendment of section 68
133. 133Amendment of section 69
134. 134Amendment of section 71
135. 135Amendment of section 72
136. 136Amendment of section 73
137. 137Insertion of new section 73A
138. 138Amendment of section 156
139. 139Amendment of notifications issued under section 25 of Act 52 of 1962
140. 140Omission of section 8C
141. 141Amendment of First Schedule
142. 142Amendment of section 5A
143. 143Amendment of section 11A
144. 144Amendment of section 37B
145. 145Amendment of Third Schedule
146. 146Amendment of First Schedule
147. 147Amendment of Second Schedule
148. 148Amendment of section 65B
149. 149Amendment of section 66D
150. 150Amendment of section 66E
151. 151Amendment of section 67A
152. 152Amendment of section 73
153. 153Amendment of section 75
154. 154Amendment of section 78A
155. 155Amendment of section 89
156. 156Amendment of section 90
157. 157Amendment of section 91
158. 158Amendment of section 93A
159. 159Insertion of new sections 101, 102 and 103
160. 160Amendment of notification issued under section 93A of Finance Act, 1994
161. 161Krishi Kalyan Cess
162. 162Infrastructure Cess
163. 163Extent, commencement and application
164. 164Definitions
165. 165Charge of equilisation levy on specified services
166. 165ACharge of equalisation levy on e-commerce supply of services
167. 166Collection and recovery of equalisation levy on specified services
168. 166ACollection and recovery of equalisation levy on e-commerce supply or services
169. 167Furnishing of statement
170. 168Processing of statement
171. 169Rectification of mistake
172. 170Interest on delayed payment of equalisation levy
173. 171Penalty for failure to deduct or pay equalisation levy
174. 172Penalty for failure to furnish statement
175. 173Penalty not to be imposed in certain cases
176. 174Appeal to Commissioner of Income-tax (Appeals)
177. 175Appeal to Appellate Tribunal
178. 176Punishment for false statement
179. 177Institution of prosecution
180. 178Application of certain provisions of Income-tax Act
181. 179Power to make rules
182. 180Power to remove difficulties
183. 181Short title and commencement
184. 182Definitions
185. 183Declaration of undisclosed income
186. 184Charge of tax and surcharge
187. 185Penalty
188. 187Time for payment of tax
189. 188Undisclosed income declared not to be included in total income
190. 189Undisclosed income declared not to affect finality of completed assessments
191. 190Undisclosed income declared not to be treated as benami transaction in certain cases
192. 191Tax in respect of voluntarily disclosed income not refundable
193. 192Declaration not admissible in evidence against declarant
194. 193Declaration by misrepresentation of facts to be void
195. 194Exemption from wealth-tax in respect of assets specified in declaration
196. 195Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act
197. 196Scheme not to apply to certain persons
198. 197Removal of doubts
199. 198Power to remove difficulties
200. 199Power to make rules
201. 199AShort title and commencement
202. 199BDefinitions
203. 199CDeclaration of undisclosed income
204. 199DCharge of tax and surcharge
205. 199EPenalty
206. 199FDeposit of undisclosed income
207. 199GManner of declaration
208. 199HTime for payment of tax, penalty, surcharge and deposit
209. 199-IUndisclosed income declared not to be included in total income
210. 199JUndisclosed income declared not to affect finality of completed assessments
211. 199KTax, etc., not refundable
212. 199LDeclaration not admissible in evidence against declarant
213. 199MDeclaration by misrepresentation of facts to be void
214. 199NApplicability of certain provisions of Income-tax Act
215. 199-OScheme not to apply to certain persons
216. 199PRemoval of doubts
217. 199QPower to remove difficulties
218. 199RPower to make rules
219. 200Short title and commencement
220. 201Definitions
221. 202Declaration of tax payable
222. 203Particulars to be furnished
223. 204Time and manner of payment
224. 205Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain cases
225. 206No refund of amount paid under Scheme
226. 207No other benefit, concession or immunity to declarant
227. 208Scheme not to apply in certain cases
228. 209Power of Central Government to issue directions, etc
229. 210Power to remove difficulties
230. 211Power to make rules
231. 212Short title, application and commencement
232. 213Definitions
233. 214Procedure for making declaration
234. 215Scheme not to apply in certain cases
235. 216Immunity from other proceedings under Act
236. 217Consequences of order made under scheme
237. 218Power to make rules
238. 219Commencement and Amendment of Act 2 of 1934
239. 220Amendment of Preamble
240. 221Amendment of section 2
241. 222Insertion of new Chapter III F
242. 223Amendment of section 58
243. 224Amendment of Act 74 of 1956
244. 225Amendment of Schedule of Act 47 of 1974
245. 226Amendment of Act 13 of 1976
246. 227Amendment of Act 61 of 1985
247. 228Commencement of this Part
248. 229Amendment of Act 42 of 1999
249. 230Amendment of Act 54 of 2000
250. 231Amendment of Act 14 of 2001
251. 232Amendment of Act 15 of 2003
252. 233Amendment of Act 23 of 2004
253. 234Amendment of Act 18 of 2005
254. 235Amendment of Act 14 of 2010
255. 236Amendment of section 2 of Act 42 of 2010
256. 237Amendment of Act 17 of 2013
257. 238Amendment of Act 20 of 2015
258. 239Repeal and amendment of Certain Enactments
259. 240Savings
260. 241Collection and payment of arrears of duties
261. First ScheduleFirst Schedule
262. Second ScheduleSecond Schedule
263. Third ScheduleThird Schedule
264. Fourth ScheduleFourth Schedule
265. Fifth ScheduleFifth Schedule
266. Sixth ScheduleSixth Schedule
267. Seventh ScheduleSeventh Schedule
268. Eighth ScheduleEighth Schedule
269. Ninth ScheduleNinth Schedule
270. Tenth ScheduleTenth Schedule
271. Eleventh ScheduleEleventh Schedule
272. Twelfth ScheduleTwelfth Schedule
273. Thirteenth ScheduleThirteenth Schedule
274. Fourteenth ScheduleFourteenth Schedule
275. Fifteenth ScheduleFifteenth Schedule
276. 186Manner of declaration

Related Acts

• The Central Goods and Services Tax Rules, 2017213 sections
• The Finance Act, 2017198 sections
• The Central Goods and Services Tax Act, 2017188 sections
• The Finance Act, 2015165 sections
• The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 201588 sections
• The Union Territory Goods and Services Tax Act, 201729 sections
• The Integrated Goods and Services Tax Act, 201728 sections
• The Goods and Services Tax (Compensation to States) Act, 201715 sections

Provenance. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 276 sections of this Act has its own page. This page is not a substitute for legal advice.