The Finance Act, 2024

jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—24 REGISTERED NO. DL—(N)04/0007/2003—24 सी.जी.-डीx.एxलx.G-अID.-1H60x2x2x024-252143 CG-DxxLx-EG-1I6D0E22x0x2x4-252143 vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1 PART II—Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 8] ubZ fnYyh] c`gLifrokj] Qjojh 15] 2024@ek?k 26] 1945 ¼'kd½ No. 8] NEW DELHI, THURSDAY, FEBRUARY 15, 2024/MAGHA 26, 1945 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 15th February, 2024/Magha 26, 1945 (Saka) The following Act of Parliament received the assent of the President on the 15th February, 2024 and is hereby published for general information:— THE FINANCE ACT, 2024 NO. 8 OF 2024 [15th February, 2024.] An Act to continue the existing rates of income-tax for the financial year 2024-2025 and to provide for certain relief to taxpayers and to make amendments in certain enactments. BE it enacted by Parliament in the Seventy-fifth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. (1) This Act may be called the Finance Act, 2024. Short title and commencement. (2) Save as otherwise provided in this Act,–– (a) sections 2 to 10 shall come into force on the 1st day of April, 2024; (b) sections 11 to 13 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.2 THE GAZETTE OF INDIA E2X TRAORDINARY [Part II— CHAPTER II RATES OF INCOME-TAX Income-tax. 2. The provisions of section 2 of, and the First Schedule to, the Finance Act, 2023, shall apply in relation to income-tax for the assessment year or, as the 8 of 2023. case may be, the financial year commencing on the 1st day of April, 2024, as they apply in relation to income-tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of April, 2023, with the following modifications, namely:–– (a) in section 2,–– (i) in sub-section (1), for the figures “2023”, the figures “2024” shall be substituted; (ii) for sub-section (2), the following sub-section shall be substituted, namely:–– ‘(2) In the cases to which Paragraph A of Part I of the First Schedule applies, or in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), and where 43 of 1961. 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 lakh fifty thousand rupees, then,— (a) the net agricultural income shall be taken into account, in the manner provided in clause (b) (that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax), only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be computed as follows:— (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A or sub-section (1A) of section 115BAC, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A or sub-section (1A) of section 115BAC, as if the net agricultural income as so increased were the total income; (iii) the amount of income-tax determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax in respect of the total income: Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for the words “two lakh fifty thousand rupees”, the words “three lakh rupees” had been substituted:Sec. 1] THE GAZETTE OF INDIA EX3 TRAORDINARY 3 Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during 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 have effect as if for the words “two lakh fifty thousand rupees”, the words “five lakh rupees” had been substituted: Provided also that in the cases where income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the provisions of this sub-section shall have effect as if for the words “two lakh fifty thousand rupees”, the words “three lakh rupees” had been substituted.’; (iii) for sub-section (3), the following sub-section shall be substituted, namely:–– “(3) 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, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed in accordance with the provisions of section 111A or section 112 or section 112A of the Income-tax Act shall be increased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule, except in case of a domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act or in case of an individual or Hindu undivided family or association of persons, or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act whose income is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, or in case of co-operative society resident in India, whose income is chargeable to tax under section 115BAD or under section 115BAE of the Income-tax Act: Provided further that in respect of any income chargeable to tax under section 115A, 115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBF, 115BBG, 115BBH, 115BBI, 115BBJ, 115E, 115JB or 115JC of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated,— (a) in the case of every individual or Hindu undivided family or association of persons except in a case of an association of persons consisting of only companies as its members, 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, not having any income under section 115AD of the Income-tax Act, and not having any income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act,—4 THE GAZETTE OF INDIA EX4 TRAORDINARY [Part II— (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income exceeding two crore rupees, but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; and (iv) having a total income exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; (b) in the case of every individual or association of persons, except in a case of an association of persons consisting of only companies as its members 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, having income under section 115AD of the Income-tax Act, and not having any income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act,— (i) having a total income exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax; (iv) having a total income [excluding the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (v) having a total income [including the income by way of dividend or income of the nature referred to in clause (b) of sub-section (1) of section 115AD of the Income-tax Act] exceeding two crore rupees, but is not covered in sub-clauses (iii) and (iv), at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income chargeable under clause (b) of sub-section (1) of section 115AD of the Income-tax Act, the rate of surcharge on the income-tax calculated on that part of income shall not exceed fifteen per cent.: Provided further that where the total income of a person, being a specified fund referred to in clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act, includes any income under clause (a) of sub-section (1) of section 115ADSec. 1] THE GAZETTE OF INDIA EX5 TRAORDINARY 5 of the Income-tax Act, the income-tax calculated on that part of income shall not be increased by any surcharge; (c) in the case of an association of persons consisting of only companies as its members,— (i) at the rate of ten per cent. of such income-tax, where the total income exceeds fifty lakh rupees but does not exceed one crore rupees; (ii) at the rate of fifteen per cent. of such income-tax, where the total income exceeds one crore rupees; (d) in the case of every co-operative society except a co-operative society whose income is chargeable to tax under section 115BAD or section 115BAE of the Income-tax Act,— (i) at the rate of seven 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 twelve per cent. of such income-tax, where the total income exceeds ten crore rupees; (e) in the case of every firm or local authority, at the rate of twelve per cent. of such income-tax, where the total income exceeds one crore rupees; (f) in the case of every domestic company except such domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act,— (i) at the rate of seven 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 twelve per cent. of such income-tax, where the total income exceeds ten crore rupees; (g) 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 crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such income-tax, where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) and (b) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,— (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees;6 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— 6 (iii) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (iv) five crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees: Provided also that in the case of association of persons mentioned in (c) above, having total income chargeable to tax under section 115JC of the Income-tax Act exceeds,— (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge 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 a co-operative society mentioned in (d) above, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds,— (i) one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax and surcharge 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; (ii) ten crore rupees, the total amount payable as income-tax and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in the case of persons mentioned in (e) 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 income-tax on such income and surcharge 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 chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax on such income and surcharge 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:Sec. 1] THE GAZETTE OF INDIA EX7 TRAORDINARY 7 Provided also that in the case of every company having total income chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees: Provided also that in respect of any income chargeable to tax under clause (i) of sub-section (1) of section 115BBE of the Income-tax Act, the amount of income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of twenty-five per cent. of such income-tax: Provided also that in case of every domestic company whose income is chargeable to tax under section 115BAA or section 115BAB of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such income-tax: Provided also that in respect of income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated, in the case of an 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,— (i) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (ii) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding one crore rupees but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (iii) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees, at the rate of twenty-five per cent. of such income-tax; and (iv) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees, but is not covered under clause (iii) above, at the rate of fifteen per cent. of such income-tax: Provided also that in case where the provisions of sub-section (1A) of section 115BAC are applicable and the total income includes any income by way of dividend or income chargeable under section 111A, section 112 and section 112A of the Income-tax Act, the rate of surcharge on the income-tax in respect of that part of income shall not exceed fifteen per cent.: Provided also that in the case of a specified fund, referred to in clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act, whose income is chargeable to tax under sub-section (1A)8 THE GAZETTE OF INDIA EX8 TRAORDINARY [Part II— of section 115BAC and where such income includes any income under clause (a) of sub-section (1) of section 115AD of the Income-tax Act, the income-tax computed on that part of income shall not be increased by any surcharge: Provided also that in case of an association of persons consisting of only companies as its members, and having its income chargeable to tax under sub-section (1A) of section 115BAC, the rate of surcharge on the income-tax shall not exceed fifteen per cent.: Provided also that in case 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, having total income chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, and such income exceeds,— (i) fifty lakh rupees but does not exceed one crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax on a total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (ii) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (iii) two crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees: Provided also that in case of every co-operative society resident in India, whose income is chargeable to tax under section 115BAD or section 115BAE of the Income-tax Act, the income-tax computed under this sub-section shall be increased by a surcharge, for the purposes of the Union, calculated at the rate of ten per cent. of such income-tax.”; (iv) in sub-section (9),–– (A) in the second proviso, for the words “resident co-operative society”, the words “co-operative society resident in India” shall be substituted; (B) in the fourth proviso, clauses (a) to (d) shall be renumbered as clauses (i) to (iv) thereof; (C) in the fifth proviso,–– (I) in the opening portion, after the words “in the case of”, the words “association of” shall be inserted; (II) clauses (a) and (b) shall be renumbered as clauses (i) and (ii) thereof; (D) in the sixth proviso,–– (I) in the opening portion, for the word “persons”, the words “a co-operative society” shall be substituted;Sec. 1] THE GAZETTE OF INDIA EX9 TRAORDINARY 9 (II) clauses (a) and (b) shall be renumbered as clauses (i) and (ii) thereof; (E) in the sixteenth proviso,–– (I) in the opening portion, after the words “chargeable to tax under”, the words, brackets, figure and letter “sub-section (1A) of” shall be inserted; (II) clauses (a) to (c) shall be renumbered as clauses (i) to (iii) thereof; (F) in the seventeenth proviso, for the words “resident co-operative society”, the words “co-operative society resident in India” shall be substituted; (v) in sub-section (10),–– (A) in the opening portion, for the portion beginning with the words “or in case” and ending with the word “whose”, the words “or in cases where” shall be substituted; (B) in the third proviso, for the portion beginning with the words “in the case” and ending with the word “whose”, the words “in the cases where” shall be substituted; (vi) in sub-section (13), in clause (a), for the figures “2023”, the figures “2024” shall be substituted; (b) in the First Schedule,–– (i) for Part I and Part II, the following Parts shall be substituted, namely:–– ‘PART I INCOME-TAX 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 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, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1) where the total income does not Nil; exceed Rs. 2,50,000 (2) where the total income exceeds 5 per cent. of the amount by which Rs. 2,50,000 but does not exceed the total income exceeds Rs. 5,00,000 Rs. 2,50,000; (3) where the total income exceeds Rs.12,500 plus 20 per cent. of the Rs. 5,00,000 but does not exceed amount by which the total income Rs. 10,00,000 exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 1,12,500 plus 30 per cent. of Rs. 10,00,000 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,—10 THE GAZETTE OF INDIA E1X0T RAORDINARY [Part II— Rates of income-tax (1) where the total income does not Nil; exceed Rs. 3,00,000 (2) where the total income exceeds 5 per cent. of the amount by which Rs. 3,00,000 but does not exceed the total income exceeds Rs. 5,00,000 Rs. 3,00,000; (3) where the total income exceeds Rs.10,000 plus 20 per cent. of the Rs. 5,00,000 but does not exceed amount by which the total income Rs. 10,00,000 exceeds Rs. 5,00,000; (4) where the total income exceeds Rs. 1,10,000 plus 30 per cent. of Rs. 10,00,000 the amount by which the total income exceeds Rs.10,00,000. (III) In the case of every individual, 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 Nil; not exceed Rs. 5,00,000 (2) where the total income exceeds 20 per cent. of the amount by Rs. 5,00,000 but does not exceed which the total income exceeds Rs. 10,00,000 Rs. 5,00,000; (3) where the total income exceeds Rs. 1,00,000 plus 30 per cent. of Rs. 10,00,000 the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case 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,— (a) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (b) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (c) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees but not exceeding five crore rupees, at the rate of twenty-five per cent. of such income-tax;Sec. 1] THE GAZETTE OF INDIA E1X1T RAORDINARY 11 (d) having a total income (excluding the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding five crore rupees, at the rate of thirty-seven per cent. of such income-tax; and (e) having a total income (including the income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act) exceeding two crore rupees but is not covered under clauses (c) and (d), at the rate of fifteen per cent. of such income-tax: Provided that in case where the total income includes any income by way of dividend or income under the provisions of section 111A, section 112 and section 112A of the Income-tax Act, the rate of surcharge on the amount of income-tax computed in respect of that part of income shall not exceed fifteen per cent.: Provided further that in case of an association of persons consisting of only companies as its members, the rate of surcharge on the amount of income-tax shall not exceed fifteen per cent.: Provided also that in the case of persons mentioned above having total income exceeding,— (a) fifty lakh rupees but not 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 fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupees; (b) one crore rupees but does not exceed two crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five crore rupees. Paragraph B In the case of every co-operative society,— Rates of income-tax (1) where the total income does 10 per cent. of the total income; not exceed Rs.10,000 (2) where the total income Rs. 1,000 plus 20 per cent. of the exceeds Rs.10,000 but does not amount by which the total exceed Rs. 20,000 income exceeds Rs.10,000; (3) where the total income Rs. 3,000 plus 30 per cent. of the exceeds Rs. 20,000 amount by which the total income exceeds Rs. 20,000.12 THE GAZETTE OF INDIA E1X2T RAORDINARY [Part II— Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union, calculated in the case of every co-operative society,–– (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; (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax: Provided that in the case of every co-operative society having total income exceeding one crore rupees but not exceeding ten 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: Provided further that in the case of every co-operative society having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. Paragraph C In the case of every firm,— Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A 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 calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every firm 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 D In the case of every local authority,— Rate of income-tax On the whole of the total income 30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act,Sec. 1] THE GAZETTE OF INDIA E1X3T RAORDINARY 13 shall, in the case 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 case of every local authority 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 E In the case of a company,— Rates of income-tax I. In the case of a domestic company,— (i) where its total turnover or 25 per cent. of the total income; the gross receipt in the previous year 2021-22 does not exceed four hundred crore rupees (ii) other than that referred to 30 per cent. of the total income. in item (i) II. In the case of a company other than a domestic company,— (i) on so much of the total income as 50 per cent.; consists of,— (a) royalties received from 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 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 has, in either case, been approved by the Central Government (ii) on the balance, if any, of the total 40 per cent. income Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 or section 112A of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,—14 14 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— (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 case 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 case of every company having a total income exceeding one crore rupees but not exceeding ten 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: 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 surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194A, 194B, 194BA, 194BB, 194D, 194LBA, 194LBB, 194LBC 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 income-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 10 per cent.; other than “Interest on securities” (ii) on income by way of winnings 30 per cent.; from lotteries, puzzles, card games and other games of any sort (other than winnings from online games) (iii) on income by way of winnings 30 per cent.; from horse races (iv) on income by way of net 30 per cent.; winnings from online games15 Sec. 1] THE GAZETTE OF INDIA EXTRAORDINARY 15 (v) on income by way of insurance 5 per cent.; commission (vi) on income by way of interest 10 per cent.; payable on— (A) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; (B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the rules made thereunder; (C) any security of the Central or State Government; (vii) on any other income 10 per cent.; (b) where the person is not resident in India— (i) in the case of a non-resident Indian— (A) on any investment income 20 per cent.; (B) on income by way of 1 0 p er cent.; 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 1 0 per cent.; long-term capital gains referred to in section 112A exceeding one lakh rupees (D) on income by way of other 20 per cent.; long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10] (E) on income by way of 1 5 per cent.; short-term capital gains referred to in section 111A (F) on income by way of 20 per cent.; 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)16 16 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— (G) on income by way of royalty 20 per cent.; 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 referred 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 proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (H) on income by way of royalty [not 20 per cent.; being royalty of the nature referred to in sub-item (b)(i)(G)] 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 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 force, of the Government of India, the agreement is in accordance with that policy (I) on income by way of fees for 20 per cent.; technical services 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 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 force, of the Government of India, the agreement is in accordance with that policy (J) on income by way of winnings 30 per cent.; from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) (K) on income by way of winnings 30 per cent.; from horse races (L) on income by way of net 30 per cent.; winnings from online games (M) on the income by way of 10 per cent.; dividend, referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A17 Sec. 1] THE GAZETTE OF INDIA EXTRAORDINARY 17 (N) on income by way of dividend 20 per cent.; other than the income referred to in sub-item (b)(i)(M) (O) on the whole of the other income 30 per cent.; (ii) in the case of any other person— (A) on income by way of interest 20 per cent.; 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) (B) on income by way of royalty 20 per cent.; 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 referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, in respect 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 royalty [not 20 per cent.; being royalty 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 Government or the 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 industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (D) on income by way of fees for 20 per cent.; technical services 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 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 force, of the Government of India, the agreement is in accordance with that policy (E) on income by way of winnings 30 per cent.; from lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games)18 THE GAZETTE OF IND1I8A EXTRAORDINARY [Part II— (F) on income by way of winnings 30 per cent.; from horse races (G) on income by way of net 30 per cent.; winnings from online games (H) on income by way of short-term 15 per cent.; capital gains referred to in section 111A (I) on income by way of long-term 10 per cent.; capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 112 (J) on income by way of long-term 10 per cent.; capital gains referred to in section 112A exceeding one lakh rupees (K) on income by way of other 20 per cent.; long-term capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10] (L) on income by way of dividend, 10 per cent.; referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A (M) on income by way of dividend 20 per cent.; other than the income referred to in sub-item (b)(ii)(L) (N) on the whole of the other income 30 per cent. 2. In the case of a company— (a) where the company is a domestic company— (i) on income by way of interest other 10 per cent.; than “Interest on securities” (ii) on income by way of winnings from 30 per cent.; lotteries, puzzles, card games and other games of any sort (other than winnings from online games) (iii) on income by way of winnings from 30 per cent.; horse races (iv) on income by way of net winnings 30 per cent.; from online games (v) on any other income 10 per cent.; (b) where the company is not a domestic company— (i) on income by way of winnings from 30 per cent.; lotteries, crossword puzzles, card games and other games of any sort (other than winnings from online games) (ii) on income by way of winnings from 30 per cent.; horse races (iii) on income by way of net winnings 30 per cent.; from online gamesSec. 1] THE GAZETTE OF IND1IA9 EXTRAORDINARY 19 (iv) on income by way of interest payable 20 per cent.; 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) (v) on income by way of royalty payable 20 per cent.; by 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, 1976 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 referred 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 proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (vi) on income by way of royalty [not being royalty of the nature referred to in item (b)(v)] 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 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 force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made 50 per cent.; after the 31st day of March, 1961 but before the 1st day of April, 1976 (B) where the agreement is made 20 per cent.; after the 31st day of March, 1976 (vii) on income by way of fees for technical services 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 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 force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made 50 per cent.; after the 29th day of February, 1964 but before the 1st day of April, 1976 (B) where the agreement is made 20 per cent.; after the 31st day of March, 1976 (viii) on income by way of short-term 15 per cent.; capital gains referred to in section 111A20 20 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— (ix) on income by way of long-term 10 per cent.; capital gains referred to in sub-clause (iii) of clause (c) of sub-section (1) of section 112 (x) on income by way of long-term 10 per cent.; capital gains referred to in section 112A exceeding one lakh rupees (xi) on income by way of other long-term 20 per cent.; capital gains [not being long-term capital gains referred to in clauses (33) and (36) of section 10] (xii) on income by way of dividend, 10 per cent.; referred to in the proviso to sub-clause (A) of clause (a) of sub-section (1) of section 115A (xiii) on income by way of dividend other 20 per cent.; than the income referred to in item (b)(xii) (xiv) on any other income 40 per cent. Explanation.—For the purposes of item 1(b)(i) of this Part, “investmen t income” and “non-resident Indian” shall have th e meanings respectively assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of–– (i) item 1 of this Part, shall be increased by a surcharge, for the purposes of the Union,–– (a) in the case of every individual or Hindu undivided family or association of persons, except in case of an association of persons consisting of only companies as its members, 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, being a non-resident, calculated,–– I. at the rate of ten per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed two crore rupees; III. at the rate of twenty-five per cent. of such tax, where the income or the aggregate of such incomes (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds two crore rupees but does not exceed five crore rupees;Sec. 1] THE GAZETTE OF IND2I1A EXTRAORDINARY 21 IV. at the rate of thirty-seven per cent. of such tax, where the income or the aggregate of such incomes (excluding the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds five crore rupees; and V. at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes (including the income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act) paid or likely to be paid and subject to the deduction exceeds two crore rupees, but is not covered under sub-clauses III and IV: Provided that in case where the total income includes any income by way of dividend or income under the provisions of sections 111A, 112 and 112A of the Income-tax Act, the rate of surcharge on the amount of Income-tax deducted in respect of that part of income shall not exceed fifteen per cent.: Provided further that where the income of such person is chargeable to tax under sub-section (1A) of section 115BAC of the Income-tax Act, the rate of surcharge shall not exceed twenty-five per cent.; (b) in the case of every co-operative society, being a non-resident, calculated,–– I. at the rate of seven 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 but does not exceed ten crore rupees; II. at the rate of twelve per cent. where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees; (c) in the case of an association of persons being a non-resident, and consisting of only companies as its members, calculated,–– I. at the rate of ten 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 fifty lakh rupees but does not exceed one crore rupees; II. at the rate of fifteen 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; (d) in the case of every firm, being a non-resident, calculated at the rate of twelve per cent., 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) item 2 of this Part shall be increased by a surcharge, for the purposes of the Union, in the case of every company other than a domestic company, calculated,–– (a) at the rate of two 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 but does not exceed ten crore rupees; and22 22 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— (b) at the rate of five 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 ten crore rupees.’; (ii) in Part III, in Paragraph E, under the heading “Rates of income-tax”, in clause (I), in sub-clause (i), for the figures “2021-2022”, the figures “2022-2023” shall be substituted; (iii) in Part IV, for Rule 8, the following Rule shall be substituted, namely:–– “Rule 8.—(1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2024, any agricultural income and the net result of the computation of the agricultural 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, 2016 or the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023, 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, 2016, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2017, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2018 or the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2018, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2019, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2020, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023,23 Sec. 1] THE GAZETTE OF INDIA EXTRAORDINARY 23 (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2021, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2022 or the 1st day of April, 2023, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2022, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2023, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2023, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2024. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2025, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any agricultural income and the net result of the computation of the agricultural 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, 2017 or the 1st day of April, 2018 or the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024, 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, 2017, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2018 or the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2018, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2019 or the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2019, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2020 or the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024,24 24 THE GAZETTE OF INDIA EXTRAORDINARY [Part II— (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2020, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 or the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2021, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2022 or the 1st day of April, 2023 or the 1st day of April, 2024, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2022, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2023 or the 1st day of April, 2024, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2023, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2024, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2024, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2025. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2). (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2016 (28 of 2016) or the First Schedule to the Finance Act, 2017 (7 of 2017) or the First Schedule to the Finance Act, 2018 (13 of 2018) or the First Schedule to the Finance (No. 2) Act, 2019 (23 of 2019) or the First Schedule to the Finance Act, 2020 (12 of 2020) or the First Schedule to the Finance Act, 2021 (13 of 2021) or the First Schedule to the Finance Act, 2022 (6 of 2022) or the First Schedule to the Finance Act, 2023 (8 of 2023) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2).”. CHAPTER III DIRECT TAXES Income-tax Amendment of 3. In section 10 of the Income-tax Act,— section 10. (a) in clause (4D), in the Explanation,–– (i) in clause (aa), for the figures “2024”, the figures “2025” shall be substituted; (ii) in clause (c), in sub-clause (ii), in item (I), for the figures “2024”, the figures “2025” shall be substituted; (b) in clause (4F), for the figures “2024”, the figures “2025” shall be substituted; (c) in clause (23FE), in sub-clause (i), for the figures “2024”, the figures “2025” shall be substituted.25 Sec. 1] THE GAZETTE OF INDIA EXTRAORDINARY 25 4. In section 80-IAC of the Income-tax Act, in the Explanation, in clause (ii), in Amendment of section 80-IAC. sub-clause (a), for the figures “2024”, the figures “2025” shall be substituted. 5. In section 80LA of the Income-tax Act, in sub-section (2), in clause (d), for the Amendment of section 80LA. figures “2024”, the figures “2025” shall be substituted. 6. In section 92CA of the Income-tax Act, in sub-section (9), in the proviso, for Amendment of the figures “2024”, the figures “2025” shall be substituted. section 92CA. 7. In section 144C of the Income-tax Act, in sub-section (14C), in the proviso, for Amendment of the figures “2024”, the figures “2025” shall be substituted. section 144C. 8. In section 206C of the Income-tax Act, in sub-section (1G),–– Amendment of section 206C. (a) in the long line, for the word “twenty”, the word “five” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2023; (b) in the first proviso, the words “and is for the purposes of education or medical treatment” shall be omitted and shall be deemed to have been omitted with effect from the 1st day of July, 2023; (c) in the second proviso, with effect from the 1st day of October, 2023,–– (i) for the word “five”, the word “twenty” shall be substituted and shall be deemed to have been substituted; (ii) for the words “is for the purposes of”, the words “is for purposes other than” shall be substituted and shall be deemed to have been substituted; (d) after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2023, namely:— “Provided also that the seller of an overseas tour programme package shall collect a sum of twenty per cent. of the amount or aggregate of amounts in excess of seven lakh rupees received from the buyer in a financial year:”; (e) after the fifth proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 2023, namely:— “Provided also that the sum to be collected under this sub-section on or after the 1st day of July, 2023 and before the 1st day of October, 2023, shall be collected in accordance with the provisions of this sub-section as they stood on the 1st day of April, 2023.”. 9. In section 253 of the Income-tax Act, in sub-section (9), in the proviso, for the Amendment of figures “2024”, the figures “2025” shall be substituted. section 253. 10. In section 255 of the Income-tax Act, in sub-section (8), in the proviso, for the Amendment of figures “2024”, the figures “2025” shall be substituted. section 255. CHAPTER IV INDIRECT TAXES Central Goods and Services Tax 12 of 2017. 11. In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as Amendment of section 2. the Central Goods and Services Tax Act), in section 2, for clause (61), the following clause shall be substituted, namely:–– ‘(61) “Input Service Distributor” means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services, including invoices in respect of services liable to tax under sub-section (3) or sub-section (4) of section 9, for or on behalf of distinct persons referred to in26 THE GAZETTE OF IN2D6I A EXTRAORDINARY [Part II— Sec. 1] section 25, and liable to distribute the input tax credit in respect of such invoices in the manner provided in section 20;’. Substitution of 12. For section 20 of the Central Goods and Services Tax Act, the following section 20. section shall be substituted, namely:–– “20. (1) Any office of the supplier of goods or services or both which receives Manner of distribution of tax invoices towards the receipt of input services, including invoices in respect of credit by Input services liable to tax under sub-section (3) or sub-section (4) of section 9, for or Service on behalf of distinct persons referred to in section 25, shall be required to be Distributor. registered as Input Service Distributor under clause (viii) of section 24 and shall distribute the input tax credit in respect of such invoices. (2) The Input Service Distributor shall distribute the credit of central tax or integrated tax charged on invoices received by him, including the credit of central or integrated tax in respect of services subject to levy of tax under sub-section (3) or sub-section (4) of section 9 paid by a distinct person registered in the same State as the said Input Service Distributor, in such manner, within such time and subject to such restrictions and conditions as may be prescribed. (3) The credit of central tax shall be distributed as central tax or integrated tax and integrated tax as integrated tax or central tax, by way of issue of a document containing the amount of input tax credit, in such manner as may be prescribed.”. Insertion of new 13. After section 122 of the Central Goods and Services Tax Act, the following section 122A. section shall be inserted, namely:–– “122A. (1) Notwithstanding anything contained in this Act, where any person, Penalty for failure to register who is engaged in the manufacture of goods in respect of which any special certain machines procedure relating to registration of machines has been notified under section 148, used in acts in contravention of the said special procedure, he shall, in addition to any manufacture of goods as per penalty that is paid or is payable by him under Chapter XV or any other provisions special of this Chapter, be liable to pay a penalty equal to an amount of one lakh rupees procedure. for every machine not so registered. (2) In addition to the penalty under sub-section (1), every machine not so registered shall be liable for seizure and confiscation: Provided that such machine shall not be confiscated where–– (a) the penalty so imposed is paid; and (b) the registration of such machine is made in accordance with the special procedure within three days of the receipt of communication of the order of penalty.”. ——— The above Bill has been passed by the Houses of Parliament. I hereby certify that this Bill is a Money Bill within the meaning of DR. RAJIV MANI, article 110 of the Constitution of India. Secretary to the Govt. of India. Dated the Speaker. ————— UPLOADED BY THE MANAGER, GOVERNMENT OF IND IA PRESS, MINTO ROAD, NEW DELHI–110002 AND PUBLISHED BY THE CONTROLLER O F PUBLICATIONS, DELHI–110054. I assent to this Bill. MGIPMRND—744GI(S3)—15-02-2024. Dated the President.