{"id":13965,"date":"2019-09-21T11:21:31","date_gmt":"2019-09-21T05:51:31","guid":{"rendered":"http:\/\/itatonline.org\/info\/?p=13965"},"modified":"2019-09-21T11:21:31","modified_gmt":"2019-09-21T05:51:31","slug":"download-taxation-laws-amendment-ordinance-2019","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/download-taxation-laws-amendment-ordinance-2019\/","title":{"rendered":"Download Taxation Laws (Amendment) Ordinance, 2019"},"content":{"rendered":"<p>The salient features of the Taxation Laws (Amendment) Ordinance, 2019, as explained by the Ministry of Finance, are as follows: <\/p>\n<p>(i) Government brings in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act,1961 and the Finance (No. 2) Act 2019 effective from Financial Year 2019-20.  <\/p>\n<p>(ii) New provision allows any domestic company option to pay #IncomeTax @22% wrt condition that they will not avail any exemption\/incentive. Effective tax rate for these to be 25.17% incl surcharge &#038; cess.Such companies shall not be required to pay Minimum Alternate Tax.<\/p>\n<p>(iii) New provision to allow new domestic company incorporated on\/after 1\/10\/19 making fresh investment in manufacturing,option to pay #IncomeTax @15%.Benefit available to companies that don&#8217;t avail exemption\/incentive &#038;commence production on\/before31\/3\/2023<\/p>\n<p>(iv) The effective tax rate for these companies shall be 17.01% inclusive of surcharge &#038; cess.  Also, such companies shall not be required to pay Minimum Alternate Tax.<\/p>\n<p>(v) A company which does not opt for concessional tax regime &#038; avails tax exemption\/incentive shall continue to pay tax at the pre-amended rate. However, these companies can opt for the concessional tax regime after expiry of their tax holiday\/exemption period<\/p>\n<p>(vi) On exercising the option,the Company shall be liable to pay tax @22% &#038; option once exercised cannot be subsequently withdrawn. To provide relief to companies which continue to avail exemptions\/incentives,Minimum Alternate Tax has been reduced fr existing 18.5% to15%<\/p>\n<p>(vii) Surcharge introduced by Finance(No.2) Act\/19, shall not apply on capital gains arising on sale of equity share in a company\/unit of equity oriented fund\/unit of a business trust liable for securities transaction tax, in the hands of an individual, HUF, AOP, BOI &#038; AJP<\/p>\n<p>(viii) The enhanced surcharge shall also not apply to capital gains arising on sale of any security including derivatives, in the hands of Foreign Portfolio Investors (FPIs).<\/p>\n<p>(ix) In order to provide relief to listed companies which have already made a public announcement of buy-back before 5th of July 2019, it is provided that tax shall not be charged on buy-back of shares in case of such companies.<\/p>\n<p>(x) Govt to expand the scope of CSR 2% spending.This can be spent on incubators funded by Central\/State Govt\/agency or PSU of Central\/State Govt making contributions to public funded Universities,IITs,National Labs &#038; Autonomous Bodies conducting research in Sc\/Tech etc.<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- responsive --><br \/>\n<ins class=\"adsbygoogle\"\n     style=\"display:block\"\n     data-ad-client=\"ca-pub-6440093791992877\"\n     data-ad-slot=\"6406297397\"\n     data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script> <\/p>\n<div class=\"journal2\"><a href=\"https:\/\/itatonline.org\/info\/thetaxation_laws_amendment_ordinance_2019_20_9_19\/#blurbdl\">Click here to download the Taxation Laws (Amendment) Ordinance, 2019<\/a><\/div>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Smt <a href=\"https:\/\/twitter.com\/nsitharaman?ref_src=twsrc%5Etfw\">@nsitharaman<\/a> announces major relief in corporate tax for domestic companies, in order to boost the Make in India initiative. <a href=\"https:\/\/t.co\/F1WvbEAmt8\">pic.twitter.com\/F1WvbEAmt8<\/a><\/p>\n<p>&mdash; NSitharamanOffice (@nsitharamanoffc) <a href=\"https:\/\/twitter.com\/nsitharamanoffc\/status\/1174977665805119490?ref_src=twsrc%5Etfw\">September 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/CvrEbSEa44o\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<blockquote><p>MINISTRY OF LAW AND JUSTICE<br \/>\n(Legislative Department)<br \/>\nNew Delhi, the 20th September, 2019\/Bhadra 29,1941 (Saka)<br \/>\nTHE TAXATION LAWS (AMENDMENT) ORDINANCE,<br \/>\n2019<br \/>\nNo 15 OF 2019<br \/>\nPromulgated by the President in the Seventieth Year of the<br \/>\nRepublic of India.<br \/>\nAn Ordinance further to amend the Income-tax Act, 1961<br \/>\nand the Finance (No. 2) Act, 2019.<br \/>\nWHEREAS Parliament is not in session and the President is<br \/>\nsatisfied that circumstances exist which render it necessary for<br \/>\nhim to take immediate action;<br \/>\nNow, THEREFORE, in exercise of the powers conferred by<br \/>\nclause (1) of article 123 of the Constitution, the President is<br \/>\npleased to promulgate the following Ordinance:-<br \/>\nCHAPTER I<br \/>\nPRELIMINARY<br \/>\n1. (1) This Ordinance may be called the Taxation Laws<br \/>\n(Amendment) Ordinance, 2019.<br \/>\nShort title and<br \/>\ncommencement.<br \/>\n(2) Save as otherwise provided, this Ordinance shall come<br \/>\ninto force at once.<br \/>\n2 THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\nCHAPTER II<br \/>\nAMENDMENTS IN THE INCOME-TAX ACT, 1961<br \/>\n[PART 11-<br \/>\nAmendment of<br \/>\nsection 92BA.<br \/>\nAmendment of<br \/>\nsection 115BA.<br \/>\nInsertion of<br \/>\nnew sections<br \/>\n115BAA and<br \/>\n115BAB.<br \/>\nTax on income<br \/>\nof certain<br \/>\ndomestic<br \/>\ncompanies.<br \/>\n2. In section 92BA of the Income-tax Act, 1961 (hereafter 43 of 1961.<br \/>\nin this Chapter referred to as the Income-tax Act), after clause<br \/>\n(v), the following clause shall be inserted with effect from the<br \/>\n1st day ofApril, 2020, namely:-<br \/>\n&#8220;(va) any business transacted between the persons<br \/>\nreferred to in sub-section (4) of section 115BAB;&#8221;.<br \/>\n3. In section 115BAof the Income-tax Act with effect from<br \/>\nthe 1st day ofApril, 2020,-<br \/>\n(a) for the marginal heading &#8220;Tax on income of certain<br \/>\ndomestic companies&#8221;, the marginal heading &#8220;Tax on<br \/>\nincome of certain domestic manufacturing companies&#8221;<br \/>\nshall be substituted;<br \/>\n(b) in sub-section (1), for the words &#8220;subject to the<br \/>\nother provisions of this Chapter&#8221;, the words, figures and<br \/>\nletters &#8220;subject to the other provisions ofthis Chapter, other<br \/>\nthan those mentioned under section 115BAA and section<br \/>\n115BAB&#8221; shall be substituted;<br \/>\n(c) in sub-section (4), after the proviso, the following<br \/>\nproviso shall be inserted, namely:-<br \/>\n&#8220;Provided further that where the person exercises<br \/>\noption under section 115BAB, the option under this<br \/>\nsection may be withdrawn.&#8221;.<br \/>\n4. After section 115BA of the Income-tax Act, the<br \/>\nfollowing sections shall be inserted with effect from the 1st day<br \/>\nofApril, 2020, namely:-<br \/>\n&#8220;1l5BAA. (1) Notwithstanding anything contained in<br \/>\nthis Act but subject to the provisions of this Chapter, other<br \/>\nthan those mentioned under section 115BA and section<br \/>\n115BAB, the income-tax payable in respect of the total<br \/>\nincome of a person, being a domestic company, for any<br \/>\nprevious year relevant to the assessment year beginning on<br \/>\nor after the 1st day of April, 2020, shall, at the option of<br \/>\nsuch person, be computed at the rate of twenty-two per<br \/>\ncent., if the conditions contained in sub-section (2) are<br \/>\nsatisfied.<br \/>\n(2) For the purposes of sub-section (1), the following<br \/>\nconditions shall apply subject to the condition that the total<br \/>\nincome of the company has been computed,-<br \/>\nSEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\n(i) without any deduction under the provisions of<br \/>\nsection 10AA or clause (iia) of sub-section (1) of<br \/>\nsection 32 or section 32AD or section 33AB or section<br \/>\n33ABA or sub-clause (ii) or sub-clause (iia) or subclause<br \/>\n(iii) of sub-section (1) or sub-section (2AA) or<br \/>\nsub-section (2AB) of section 35 or section 35AD or<br \/>\nsection 35CCC or section 35CCD or under any<br \/>\nprovisions of Chapter VI-A under the heading &#8220;c.Deductions<br \/>\nin respect of certain incomes&#8221; other than<br \/>\nthe provisions of section 80JJAA;<br \/>\n(ii) without set off of any loss carried forward from<br \/>\nany earlier assessment year if such loss is attributable to<br \/>\nany of the deductions referred to in sub-clause (i); and<br \/>\n(iii) by claiming the depreciation, if any, under<br \/>\nsection 32, other than clause (iia) of sub-section (1) of<br \/>\nthe said section, determined in such manner as may be<br \/>\nprescribed.<br \/>\n(3) The loss referred to in sub-clause (ii) of sub-section<br \/>\n(2) shall be deemed to have been already given full effect<br \/>\nto and no further deduction for such loss shall be allowed<br \/>\nfor any subsequent year.<br \/>\n(4) Nothing contained in this section shall apply unless<br \/>\nthe option is exercised by the person in the prescribed<br \/>\nmanner on or before the due date specified under subsection<br \/>\n(1) of section 139 for furnishing the returns of<br \/>\nincome for any previous year relevant to the assessment<br \/>\nyear commencing on or after 1st day of April, 2020 and<br \/>\nsuch option once exercised shall apply to subsequent<br \/>\nassessment years:<br \/>\nProvided that once the option has been exercised for<br \/>\nany previous year, it cannot be subsequently withdrawn<br \/>\nfor the same or any other previous year.<br \/>\n115BAB. (1) Notwithstanding anything contained in<br \/>\nthis Act but subject to the provisions of this Chapter, other<br \/>\nthan those mentioned under section 115BA and section<br \/>\n115BAA, the income-tax payable in respect of the total<br \/>\nincome of a person, being a domestic company, for any<br \/>\nprevious year relevant to the assessment year beginning on<br \/>\nor after the 1st day of April, 2020, shall, at the option of<br \/>\nsuch person, be computed at the rate of fifteen per cent., if<br \/>\nthe conditions contained in sub-section (2) are satisfied.<br \/>\n(2) For the purposes of sub-section (1), the following<br \/>\nconditions shall apply, namely:-<br \/>\n3<br \/>\nTax on income<br \/>\nof certain new<br \/>\ndomestic<br \/>\nmanufacturing<br \/>\ncompanies.<br \/>\n4 THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\n(a) the company has been set-up and registered on<br \/>\nor after the 1st day of October, 2019, and has<br \/>\ncommenced manufacturing on or before the 31st day of<br \/>\nMarch, 2023, and,-<br \/>\n(i) is not formed by splitting up, or the<br \/>\nreconstruction, of a business already in existence:<br \/>\nProvided that this condition shall not apply<br \/>\nin respect of an undertaking which is formed as<br \/>\na result of the re-establishment, reconstruction<br \/>\nor revival by the person of the business of any<br \/>\nsuch undertaking as is referred to in section<br \/>\n33B, in the circumstances and within the period<br \/>\nspecified in the said section;<br \/>\n(ii) does not use any machinery or plant<br \/>\npreviously used for any purpose.<br \/>\nExplanation I.-For the purposes of sub-clause<br \/>\n(ii), any machinery or plant which was used outside<br \/>\nIndia by any other person shall not be regarded as<br \/>\nmachinery or plant previously used for any purpose,<br \/>\nif the following conditions are fulfilled, namely:-<br \/>\n(A) such machinery or plant was not, at any<br \/>\ntime previous to the date of the installation by<br \/>\nthe person, used in India;<br \/>\n(B) such machinery or plant is imported into<br \/>\nIndia from any country outside India; and<br \/>\n(C) no deduction on account of depreciation<br \/>\nin respect of such machinery or plant has been<br \/>\nallowed or is allowable under the provisions of<br \/>\nthis Act in computing the total income of any<br \/>\nperson for any period prior to the date of the<br \/>\ninstallation ofmachinery or plant by the person.<br \/>\nExplanation 2.-Where in the case of a person,<br \/>\nany machinery or plant or any part thereof<br \/>\npreviously used for any purpose is put to use by the<br \/>\ncompany and the total value of such machinery or<br \/>\nplant or part thereof does not exceed twenty per<br \/>\ncent. of the total value of the machinery or plant<br \/>\nused by the company, then, for the purposes of subclause<br \/>\n(ii) of this clause, the condition specified<br \/>\ntherein shall be deemed to have been complied<br \/>\nwith;<br \/>\n[PART IlSEC.<br \/>\n1] THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\n(iii) does not use any building previously used<br \/>\nas a hotel or a convention centre, as the case may<br \/>\nbe.<br \/>\nExplanation.-For the purposes of this subclause,<br \/>\nthe expressions &#8220;convention centre&#8221; and<br \/>\n&#8220;hotel&#8221; shall have the meanings respectively<br \/>\nassigned to them in clause (a) and clause (b) of subsection<br \/>\n(6) of section 80-ID;<br \/>\n(b) the company is not engaged in any business<br \/>\nother than the business of manufacture or production of<br \/>\nany article or thing and research in relation to, or<br \/>\ndistribution of, such article or thing manufactured or<br \/>\nproduced by it; and<br \/>\n(c) the total income of the company has been<br \/>\ncomputed,-<br \/>\n(i) without any deduction under the provisions<br \/>\nof section 10AA or clause (iia) of sub-section (1) of<br \/>\nsection 32 or section 32AD or section 33AB or<br \/>\nsection 33ABA or sub-clause (ii) or sub-clause (iia)<br \/>\nor sub-clause (iii) of sub-section (1) or sub-section<br \/>\n(2AA) or sub-section (2AB) of section 35 or section<br \/>\n35AD or section 35CCC or section 35CCD or under<br \/>\nany provisions of Chapter VI-A under the<br \/>\nheading &#8220;C.-Deductions in respect of certain<br \/>\nincomes&#8221; other than the provisions of section<br \/>\n80JJAA;<br \/>\n(ii) without set off of any loss carried forward<br \/>\nfrom any earlier assessment year if such loss is<br \/>\nattributable to any of the deductions referred to in<br \/>\nsub-clause (i); and<br \/>\n(iii) by claiming the depreciation under section<br \/>\n32, other than clause (iia) of sub-section (1) of the<br \/>\nsaid section, determined in such manner as may be<br \/>\nprescribed.<br \/>\n(3) The loss referred to in sub-clause (ii) of clause (c) of<br \/>\nsub-section (2) shall be deemed to have been already given<br \/>\nfull effect to and no further deduction for such loss shall be<br \/>\nallowed for any subsequent year.<br \/>\n(4) Where it appears to the Assessing Officer that,<br \/>\nowing to the close connection between the company and<br \/>\nany other person, or for any other reason, the course of<br \/>\nbusiness between them is so arranged that the business<br \/>\n5<br \/>\n6<br \/>\nAmendment of<br \/>\nsection 115JB.<br \/>\nTHE GAZETTE OF INDIA EXTRAORDINARY<br \/>\ntransacted between them produces to the company more<br \/>\nthan the ordinary profits which might be expected to arise,<br \/>\nthe Assessing Officer shall, in computing the profits and<br \/>\ngains of such company for the purposes ofthis section, take<br \/>\nthe amount of profits as may be reasonably deemed to have<br \/>\nbeen derived therefrom:<br \/>\nProvided that in case the aforesaid arrangement<br \/>\ninvolves a specified domestic transaction referred to in<br \/>\nsection 92BA, the amount of profits from such transaction<br \/>\nshall be determined having regard to arm&#8217;s length price as<br \/>\ndefined in clause (ii) of section 92F.<br \/>\n(5) Nothing contained in this section shall apply unless<br \/>\nthe option is exercised by the person in the prescribed<br \/>\nmanner on or before the due date specified under subsection<br \/>\n(1) of section 139 for furnishing the first of the<br \/>\nreturns of income for any previous year relevant to the<br \/>\nassessment year commencing on or after 1st day of April,<br \/>\n2020 and such option once exercised shall apply to<br \/>\nsubsequent assessment years:<br \/>\nProvided that once the option has been exercised for<br \/>\nany previous year, it cannot be subsequently withdrawn for<br \/>\nthe same or any other previous year.<br \/>\n5. In section 115JB of the Income-tax Act, with effect from<br \/>\nthe 1st day ofApril, 2020,-<br \/>\n(a) in sub-section (1), the following proviso shall be<br \/>\ninserted, namely:-<br \/>\n&#8220;Provided that for the previous year relevant to the<br \/>\nassessment year commencing on or after the 1st day of<br \/>\nApril, 2020, the provisions of this sub-section shall<br \/>\nhave effect as if for the words &#8220;eighteen and one-half<br \/>\nper cent.&#8221;, occurring at both the places, the words<br \/>\n&#8220;fifteen per cent.&#8221; had been substituted.&#8221;;<br \/>\n(b) for sub-section (5A), the following sub-section shall<br \/>\nbe substituted, namely:-<br \/>\n&#8220;(5A) The provisions of this section shall not apply<br \/>\nto,-<br \/>\n(i) any income accruing or arising to a company<br \/>\nfrom life insurance business referred to in section<br \/>\n115B;<br \/>\n[PART 11-<br \/>\nSEC. 1]<br \/>\n15 of 1992.<br \/>\nTHE GAZETTE OF INDIA EXTRAORDINARY<br \/>\n(ii) a person who has exercised the option<br \/>\nreferred to under section 115BAA or section<br \/>\n115BAB.&#8221;.<br \/>\n6. In section 115QA of the Income-tax Act, in sub-section<br \/>\n(1), the following proviso shall be inserted and shall be deemed<br \/>\nto have been inserted with effect from the 5th day of July,<br \/>\n2019, namely:-<br \/>\n&#8220;Provided that the provisions of this sub-section shall<br \/>\nnot apply to such buy-back of shares (being the spares<br \/>\nlisted on a recognised stock exchange), in respect of which<br \/>\npublic announcement has been made before 5th day of July,<br \/>\n2019 in accordance with the provisions of the Securities<br \/>\nand Exchange Board of India (Buy-back of Securities)<br \/>\nRegulations, 2018 made under the Securities and Exchange<br \/>\nBoard of India Act, 1992 as amended from time to time.<br \/>\nCHAPTER III<br \/>\nAMENDMENTS IN THE FINANCE (No.2) Act, 2019<br \/>\n7. In section 2 of the Finance (No.2) Act, 2019 [hereafter in<br \/>\nthis Chapter referred to as the Finance (No.2) Act], in subsection<br \/>\n(9), with effect from the 1st day ofApril, 2019,-<br \/>\n(a) in third proviso,-<br \/>\n(i) in clause (a) for the words &#8220;the Income-tax Act&#8221;,<br \/>\nthe words, figures and letters &#8220;the Income-tax Act, not<br \/>\nhaving any income under section 115AD of the<br \/>\nIncome-tax Act&#8221; shall be inserted and shall be deemed<br \/>\nto have been inserted;<br \/>\n(ii) after clause (a), the following clause shall be<br \/>\ninserted and shall be deemed to have been inserted,<br \/>\nnamely:-<br \/>\n&#8216;(aa) in the case of every association of persons<br \/>\nor body of individuals, whether incorporated or not,<br \/>\nhaving income under section 115AD of the Incometax<br \/>\nAct,-<br \/>\n(i) at the rate of ten per cent. of such<br \/>\n&#8220;advance tax&#8221;, where the total income exceeds<br \/>\nfifty lakh rupees, but does not exceed one crore<br \/>\nrupees;<br \/>\n(ii) at the rate of fifteen per cent. of such<br \/>\n&#8220;advance tax&#8221;, where the total income exceeds<br \/>\none crore rupees but does not exceed two crore<br \/>\n7<br \/>\nAmendment of<br \/>\nsection 115QA.<br \/>\nAmendment of<br \/>\nAct No. 23 of<br \/>\n2019.<br \/>\n8 . THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\nrupees;<br \/>\n(iii) at the rate of twenty five per cent. of<br \/>\nsuch &#8220;advance tax&#8221;, where the total income<br \/>\n[excluding the income of the nature referred to<br \/>\nin clause (b) of sub-section (1) of section<br \/>\n115AD of the Income-tax Act] exceeds two<br \/>\ncrore rupees but does not exceed five crore<br \/>\nrupees;<br \/>\n(iv) at the rate of thirty-seven per cent. of<br \/>\nsuch &#8220;advance tax&#8221;, where the total income<br \/>\n[excluding the income of the nature referred to<br \/>\nin clause (b) of sub-section (1) of section<br \/>\n115AD of the Income-tax Act] exceeds five<br \/>\ncrore rupees;<br \/>\n(v) at the rate of fifteen per cent. of such<br \/>\n&#8220;advance tax&#8221;, where the total income<br \/>\n[including the income of the nature referred to<br \/>\nin clause (b) of sub-section (1) of section<br \/>\n115AD of the Income-tax Act] exceeds two<br \/>\ncrore rupees but is not covered in sub-clauses<br \/>\n(iii) and (iv):<br \/>\nProvided that in case where the total income<br \/>\nincludes any income chargeable under clause (b)<br \/>\nof sub-section (1) of section 115AD of the<br \/>\nIncome-tax Act, the rate of surcharge on the<br \/>\nadvance tax computed on that part of income<br \/>\nshall not exceed fifteen per cent.;&#8217;;<br \/>\n(b) in the fourth proviso, for the words, brackets<br \/>\nand letter &#8220;in (a) above&#8221;, the words, brackets and letters<br \/>\n&#8220;in (a) and (aa) above&#8221; shall be substituted;<br \/>\n(c) after the eighth proviso, the following proviso<br \/>\nshall be inserted, namely:-<br \/>\n&#8220;Provided also that in respect of any income<br \/>\nchargeable to tax under section 115BAA or section<br \/>\n115BAB of the Income-tax Act, the tax computed under<br \/>\nthe first proviso shall be increased by a surcharge, for the<br \/>\npurposes of the Union, calculated at the rate of ten per<br \/>\ncent. of such &#8220;advance tax&#8221;.<br \/>\n8. In the First Schedule of the Finance (No.2) Act, with<br \/>\neffect from the 1st day ofApril, 2019,-<br \/>\n[PART 11-<br \/>\nAmendment of<br \/>\nPart II of First<br \/>\nSchedule.<br \/>\nSEC. 1] THE GAZETTE&#8217;OF INDIA EXTRAORDINARY<br \/>\n(A) in PART II, under the sub-heading &#8220;Surcharge on<br \/>\nincome-tax&#8221;, in paragraph (i), in clause (a),-<br \/>\n(i) in sub-clauses I and II, after the words &#8220;aggregate<br \/>\nof such incomes&#8221;, the brackets, figures and letters<br \/>\n&#8220;(including the income under the provisions of section<br \/>\nl l lA and section 1I2A of the Income-tax Act)&#8221; shall be<br \/>\ninserted and shall be deemed to have been inserted;<br \/>\n(ii) in sub-clauses III and IV, after the words<br \/>\n&#8220;aggregate of such incomes&#8221; the brackets, figures and<br \/>\nletters &#8220;(excluding the income under the provisions of<br \/>\nsection l l lA and section 1I2A of the Income-tax Act)&#8221;<br \/>\nshall be inserted and shall be deemed to have been<br \/>\ninserted.<br \/>\n(iii) after sub-clause IV, the following sub-clause shall<br \/>\nbe inserted and shall be deemed to have been inserted,<br \/>\nnamely:-<br \/>\n&#8220;V. at the rate of fifteen per cent. of such tax,<br \/>\nwhere the income or aggregate of such incomes<br \/>\n(including the income under the provisions of section<br \/>\n111A and section l12A of the Income-tax Act) paid or<br \/>\nlikely to be paid and subject to the deduction exceeds<br \/>\ntwo crore rupees, but is not covered under sub-clauses<br \/>\nIII and IV):<br \/>\nProvided that in case where the total income<br \/>\nincludes any income chargeable under section l l lA<br \/>\nand section l12A of the Income-tax Act, the rate of<br \/>\nsurcharge on the amount of income-tax deducted in<br \/>\nrespect of that part of income shall not exceed fifteen<br \/>\nper cent.;&#8217;;<br \/>\n(B) in PART III, in Paragraph A, under the sub-heading<br \/>\n&#8220;Surcharge on income-tax&#8221;, after the opening portion,-<br \/>\n(i) in clauses (a) and (b), after the words &#8220;having a<br \/>\ntotal income&#8221;, the brackets, words, figures and letters<br \/>\n&#8220;(including the income under the provisions of section<br \/>\nl l lA and section l12A)&#8221; shall be inserted;<br \/>\n(ii) in clauses (c) and (d), after the words &#8220;having a<br \/>\ntotal income&#8221;, the brackets, words, figures and letters<br \/>\n&#8220;(excluding the income under the provisions of section<br \/>\nl l lA and section l12A)&#8221; shall be inserted;<br \/>\n(iii) after clause (d) and before the proviso, the<br \/>\nfollowing clause shall be inserted, namely:-<br \/>\n9<br \/>\n10 THE GAZETTE OF INDIA EXTRAORDINARY<br \/>\n&#8220;(e) having a total income (including the income<br \/>\n. under the provisions of section lIlA and section<br \/>\n112A) exceeding two crore rupees, but is not covered<br \/>\nunder clauses (c) and (d), shall be applicable at the<br \/>\nrate of fifteen per cent. of such income-tax:<br \/>\nProvided that in case where the total income<br \/>\nincludes any income chargeable under section l l lA<br \/>\nand section 112A of the Income-tax Act, the rate of<br \/>\nsurcharge on the amount of income-tax computed on<br \/>\nthat part of income shall not exceed fifteen per<br \/>\ncent.;&#8217;;<br \/>\nRAM NATH KOVIND,<br \/>\nPresident.<br \/>\nDR. G. NARAYANARAJU<br \/>\nSecretary to the Govt. ofIndia~<br \/>\n[PART II-SEC. 1]<br \/>\nUPLOADED BYTHE MANAGER, GOVERNMENT OFINDIAPRESS,MINTOROAD, NEWDELHI-II 0002<br \/>\nANDPUBLISHED BYTHECONTROLLER OF PUBLICATIONS, DELHI-II 0054.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Government brings in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act,1961 and the Finance (No. 2) Act 2019 effective from Financial Year 2019-20<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/download-taxation-laws-amendment-ordinance-2019\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,7],"tags":[],"class_list":["post-13965","post","type-post","status-publish","format-standard","hentry","category-all-information","category-others"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/13965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=13965"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/13965\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=13965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=13965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=13965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}