FINANCE ACT, 2021

Table of ContentsContent

Preamble - FINANCE ACT, 2021

Chapter I - PRELIMINARY

Section 1 - Short title and commencement

Chapter II - RATES OF INCOME-TAX

Section 2 - Income-tax

Chapter III - DIRECT TAXES

Section 3 to 88 - Income-tax

Section 3 - Amendment of section 2

Section 4 - Amendment of section 9A

Section 5 - Insertion of new section 9B

Section 6 - Amendment of section 10

Section 7 - Amendment of section 11

Section 8 - Amendment of section 32

Section 9 - Amendment of section 36

Section 10 - Amendment of section 43

Section 11 - Amendment of section 43B

Section 12 - Amendment of section 43CA

Section 13 - Amendment of section 44AB

Section 14 - Amendment of section 44ADA

Section 15 - Amendment of section 44DB

Section 16 - Amendment of section 45

Section 17 - Amendment of section 47

Section 18 - Amendment of section 48

Section 19 - Amendment of section 49

Section 20 - Amendment of section 50

Section 21 - Amendment of section 50B

Section 22 - Amendment of section 54GB

Section 23 - Amendment of section 55

Section 24 - Amendment of section 56

Section 25 - Amendment of section 72A

Section 26 - Amendment of section 79

Section 27 - Amendment of section 80EEA

Section 28 - Amendment of section 80-IAC

Section 29 - Amendment of section 80-IBA

Section 30 - Amendment of section 80LA

Section 31 - Insertion of new section 89A

Section 32 - Amendment of section 112A

Section 33 - Amendment of section 115ACA

Section 34 - Amendment of section 115AD

Section 35 - Amendment of section 115JB

Section 36 - Amendment of section 115UB

Section 37 - Amendment of section 139

Section 38 - Amendment of section 142

Section 39 - Amendment of section 143

Section 40 - Substitution of new section for section 147

Section 41 - Substitution of new section for section 148

Section 42 - Insertion of new section 148A

Section 43 - Substitution of new section for section 149

Section 44 - Substitution of new section for section 151

Section 45 - Amendment of section 151A

Section 46 - Amendment of section 153

Section 47 - Amendment of section 153A

Section 48 - Amendment of section 153B

Section 49 - Amendment of section 153C

Section 50 - Amendment of section 194

Section 51 - Amendment of section 194A

Section 52 - Amendment of section 194-IB

Section 53 - Insertion of new section 194P

Section 54 - Insertion of new section 194Q

Section 55 - Amendment of section 196D

Section 56 - Amendment of section 206AA

Section 57 - Insertion of new section 206AB

Section 58 - Insertion of new section 206CCA

Section 59 - Amendment of section 234C

Section 60 - Amendment of section 234F

Section 61 - Insertion of new section 234H

Section 62 - Amendment of section 245A

Section 63 - Insertion of new section 245AA

Section 64 - Amendment of section 245B

Section 65 - Amendment of section 245BC

Section 66 - Amendment of section 245BD

Section 67 - Amendment of section 245C

Section 68 - Amendment of section 245D

Section 69 - Amendment of section 245DD

Section 70 - Amendment of section 245F

Section 71 - Amendment of section 245G

Section 72 - Amendment of section 245H

Section 73 - Insertion of new section 245M

Section 74 - Insertion of new Chapter XIX-AA

Section 75 - Amendment of section 245N

Section 76 - Amendment of section 245-O

Section 77 - Insertion of new section 245-OB

Section 78 - Amendment of section 245P

Section 79 - Amendment of section 245Q

Section 80 - Amendment of section 245R

Section 81 - Amendment of section 245S

Section 82 - Amendment of section 245T

Section 83 - Amendment of section 245U

Section 84 - Amendment of section 245V

Section 85 - Insertion of new section 245W

Section 86 - Amendment of section 255

Section 87 - Amendment of section 263

Section 88 - Amendment of section 281B

Chapter IV - INDIRECT TAXES

Section 89 to 100 - Customs

Section 89 - Amendment of section 2

Section 90 - Amendment of section 5

Section 91 - Amendment of section 25

Section 92 - Insertion of new section 28BB

Section 93 - Amendment of section 46

Section 94 - Amendment of section 110

Section 95 - Amendment of section 113

Section 96 - Insertion of new section 114AC

Section 97 - Amendment of section 139

Section 98 - Amendment of section 149

Section 99 - Amendment of section 153

Section 100 - Insertion of new section 154C

Section 101 to 104 - Customs Tariff

Section 101 - Amendment of section 8B

Section 102 - Amendment of section 9

Section 103 - Amendment of section 9A

Section 104 - Amendment of First Schedule

Section 105 to 107 - Excise

Section 105 - Amendment of Fourth Schedule

Section 106 - Amendment of Chapter 27 of Fourth Schedule

Section 107 - Revised date of effect to amendments made in Fourth Schedule vide notification issued under section 3C of Central Excise Act, 1944

Section 108 to 122 - Central Goods and Services Tax

Section 108 - Amendment of section 7

Section 109 - Amendment of section 16

Section 110 - Amendment of section 35

Section 111 - Substitution of new section for section 44

Section 112 - Amendment of section 50

Section 113 - Amendment of section 74

Section 114 - Amendment of section 75

Section 115 - Amendment of section 83

Section 116 - Amendment of section 107

Section 117 - Amendment of section 129

Section 118 - Amendment of section 130

Section 119 - Substitution of new section for section 151

Section 120 - Amendment of section 152

Section 121 - Amendment of section 168

Section 122 - Amendment to Schedule II

Section 123 to 123 - Integrated Goods and Services Tax

Section 123 - Amendment of section 16

Chapter V - AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS

Section 124 - Agriculture Infrastructure and Development Cess on imported goods

Section 125 - Agriculture Infrastructure and Development Cess on excisable goods

Chapter VI - MISCELLANEOUS

Section 126 - Insertion of new section 8G

Section 127 - Amendment of Act 49 of 1950

Section 128 - Commencement of this Part

Section 129 - Amendment of section 2

Section 130 - Substitution of new section for section 4

Section 131 - Substitution of new section for section 5

Section 132 - Substitution of section 19

Section 133 - Substitution of section 20

Section 134 - Amendment of section 22

Section 135 - Insertion of new section 23A

Section 136 - Substitution of section 24

Section 137 - Substitution of section 25

Section 138 - Amendment of section 26

Section 139 - Amendment of section 27

Section 140 - Amendment of section 28

Section 141 - Amendment of section 28A

Section 142 - Insertion of new sections 28B and 28C

Section 143 - Substitution of sections 46 and 47

Section 144 - Amendment of section 48

Section 145 - Amendment of section 49

Section 146 - Insertion of new sections 50 and 51

Section 147 - Commencement of this Part

Section 148 - Amendment of section 2

Section 149 - Insertion of new section 30B

Section 150 - Amendment of Act 74 of 1956

Section 151 - Commencement of this Part

Section 152 - Amendment of Act 12 of 1974

Section 153 - Commencement of this Part

Section 154 - Amendment of section 2

Section 155 - Substitution of section 7

Section 156 - Omission of sections 8 to 17

Section 157 - Amendment of section 26

Section 158 - Amendment of section 68

Section 159 - Amendment of Act 15 of 1992

Section 160 - Amendment of Act 51 of 1993

Section 161 - Amendment of Seventh Schedule

Section 162 - Amendment of Act 54 of 2002

Section 163 - Amendment of Act 58 of 2002

Section 164 - Commencement of this Part

Section 165 - Amendment of section 3

Section 166 - Commencement of this Part

Section 167 - Amendment of section 97

Section 168 - Amendment of section 98

Section 169 - Amendment of section 100

Section 170 - Amendment of section 101

Section 171 - Amendment of Act 28 of 2016

Section 172 - Amendment of Act 3 of 2020

Section 173 - Amendment of Act 38 of 2020

Schedule I - THE FIRST SCHEDULE

Schedule II - THE SECOND SCHEDULE

Schedule III - THE THIRD SCHEDULE

Schedule IV - THE FOURTH SCHEDULE

Schedule V - THE FIFTH SCHEDULE

Schedule VI - THE SIXTH SCHEDULEE

Schedule VII - THE SEVENTH SCHEDULE

Statement of Objects and Reasons - FINANCE ACT, 2021

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