THE FINANCE BILL, 2018 - indiabudget.gov.in

1 bill No. 4 OF 2018 THE FINANCE bill , 2018(AS INTRODUCED IN LOK SABHA)THE FINANCE bill , 2018_____ARRANGEMENT OF CLAUSES_____CHAPTER title and IIRATES OF IIIDIRECT of section of section of section of section of section of section of section of section of section of section of new section of section of new section of section 44AE . of section of section of section of section of section of section of new section for of section of section of section of section of new section of section of new section of new section of section of section of section of section of section of section of section of Explanation ocuurring after section of section of section of section of section of section of new sections 145A and 145B for section of section of section of section of section of

2 Section of section of section of section IVINDIRECT of references to certain expressions by certain other of section of section of section of section of section of new sections 25A and of section of section of new section of section of section of section of section of new section of section of new section for section 28M.(ii) of section of section of section of section of section of section of section of new Chapter of section of section of section of section of section of section of Chapter of section of section of new Chapter of new section of section of section of section of section of section of new section of new section of new section for section of section of notification issued under sub-section (1)

3 Of section 25 of the Customs Act andsub-section (12) of section 3 of the Customs Tariff Act, of Customs Tariff Act, of First of Second provision for exemption from service tax in certain cases relating to life insurance services providedby Naval Group Insurance Fund to personnel of Coast Guard, provision for exemption from service tax in certain cases relating to services provided or agreed tobe provided by Goods and Services Tax Network, provision for retrospective exemption from service tax on Government s share of profit (iii)

4 CHAPTER VREPEAL AND SAVINGS OF CERTAIN and savings of certain and payment of arrears of VISOCIAL WELFARE Welfare Surcharge on imported VIIROAD AND INFRASTRUCTURE and Infrastructure Cess on imported and Infrastructure Cess on excisable VIIIMISCELLANEOUSPART IAMENDMENTS TO THE GOVERNMENT SAVINGS BANKS ACT, of this of long title to Act 5 of of short of words Authorised Officer for the word Secretary throughout of section of new sections 3, 3A and 3B for section of section of section of section of section of section of new section of section of section of section of new section of of section of section of section of new section and (iv)

5 PART IIAMENDMENTS TO THE RESERVE BANK OF INDIA ACT, of section 17 of Act 2 of IIIAMENDMENTS TO THE PRESIDENT EMOLUMENTS AND PENSION ACT, of this of section of section of section IVAMENDMENTS TO THE SALARIES AND ALLOWANCES OF OFFICERS OF PARLIAMENT ACT, of section 3 of Act 20 of VAMENDMENTS TO THE SALARY, ALLOWANCES AND PENSION OF MEMBERS OF PARLIAMENT ACT, of this of section of section of section of section VIAMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, of this of section of section of section of section of section of new section of section of section of section of section of new section of section of section (v)PART VIIAMENDMENTS TO THE CENTRAL BOARDS OF REVENUE ACT, of Act 54 of VIIIAMENDMENT TO THE GOVERNORS (EMOLUMENTS, ALLOWANCES AND PRIVILEGES)

6 ACT, of section 3 of Act 43 of IXAMENDMENTS TO THE NATIONAL HOUSING BANK ACT, of this of section of section of section of section of section of section of section of section of section of section of section of section of section of section of section XAMENDMENTS TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, of this of section of section of section of new sections 15EA and of section of section of section of section of section of section of section of new section 28B.

7 (vi)CLAUSESPART XIAMENDMENTS TO THE DEPOSITORIES ACT, of this of section of section of new section of section of section of section of section of new section of Chapter of section of section of XIIAMENDMENTS TO THE VICE-PRESIDENT S PENSION ACT, of section 2 of Act 30 of XIIIAMENDMENTS TO THE CENTRAL ROAD FUND ACT, of this of Act 54 of XIVAMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, of this of Act 15 of XVAMENDMENTS TO THE FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, of this of long of section of section of section of section of section of section 8.

8 (vii)CLAUSESPART XVIAMENDMENTS TO THE FINANCE (NO. 2) ACT, of Act 23 of XVIIAMENDMENTS TO THE FINANCE ACT, of Act 17 of XVIIIAMENDMENTS TO THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, of Act 22 of XIXAMENDMENT TO THE FINANCE ACT, of Act 28 of XXAMENDMENT TO THE CENTRAL GOODS AND SERVICES TAX ACT, of section 2 of Act 12 of FIRST SECOND THIRD FOURTH FIFTH SIXTH SCHEDULE.(viii) INTRODUCED IN LOK SABHAON 1ST FEBRUARY, 2018 bill No. 4 of 2018 THE FINANCE bill , 2018 ABILLto give effect to the financial proposals of the Central Government for the financial year it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows: CHAPTER IPRELIMINARY1.

9 (1) This Act may be called the FINANCE Act, 2018.(2) Save as otherwise provided in this Act, sections 2 to 53 shall come into force on the 1st day ofApril, IIRATES OF INCOME-TAXS hort title (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing onthe 1st day of April, 2018, income-tax shall be charged at the rates specified in Part I of the First Scheduleand such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each casein the manner provided therein.

10 (2) In the cases to which Paragraph A of Part 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 totalincome, and the total income exceeds two lakh fifty thousand rupees, then, (a) the net agricultural income shall be taken into account, in the manner provided in clause (b)[that is to say, as if the net agricultural income were comprised in the total income after the first twolakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose ofcharging income-tax in respect of the total income.