FINANCE ACT, 2022

Table of ContentsContent

Preamble - FINANCE ACT, 2022

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 85 - Income-tax

Section 3 - Amendment of section 2

Section 4 - Amendment of section 10

Section 5 - Amendment of section 11

Section 6 - Amendment of section 12A

Section 7 - Amendment of section 12AB

Section 8 - Amendment of section 13

Section 9 - Amendment of section 14A

Section 10 - Amendment of section 17

Section 11 - Amendment of section 35

Section 12 - Amendment of section 37

Section 13 - Amendment of section 40

Section 14 - Amendment of section 43B

Section 15 - Amendment of section 50

Section 16 - Amendment of section 56

Section 17 - Amendment of section 68

Section 18 - Amendment of section 79

Section 19 - Insertion of new section 79A

Section 20 - Amendment of section 80CCD

Section 21 - Amendment of section 80DD

Section 22 - Amendment of section 80-IAC

Section 23 - Amendment of section 80LA

Section 24 - Amendment of section 92CA

Section 25 - Amendment of section 94

Section 26 - Amendment of section 115BAB

Section 27 - Amendment of section 115BBD

Section 28 - Insertion of new sections 115BBH and 115BBI

Section 29 - Amendment of section 115JC

Section 30 - Amendment of section 115JF

Section 31 - Amendment of section 115TD

Section 32 - Amendment of section 115TE

Section 33 - Amendment of section 115TF

Section 34 - Amendment of section 119

Section 35 - Amendment of section 132

Section 36 - Amendment of section 132B

Section 37 - Amendment of section 133A

Section 38 - Amendment of section 139

Section 39 - Insertion of new section 140B

Section 40 - Amendment of section 143

Section 41 - Amendment of section 144

Section 42 - Amendment of section 144B

Section 43 - Amendment of section 144C

Section 44 - Amendment of section 148

Section 45 - Amendment of section 148A

Section 46 - Insertion of new section 148B

Section 47 - Amendment of section 149

Section 48 - Amendment of section 153

Section 49 - Amendment of section 153B

Section 50 - Amendment of section 155

Section 51 - Insertion of new section 156A

Section 52 - Amendment of section 158AA

Section 53 - Insertion of new section 158AB

Section 54 - Amendment of section 170

Section 55 - Insertion of new section 170A

Section 56 - Amendment of section 179

Section 57 - Amendment of section 194-IA

Section 58 - Amendment of section 194-IB

Section 59 - Insertion of new section 194R

Section 60 - Insertion of new section 194S

Section 61 - Amendment of section 201

Section 62 - Amendment of section 206AB

Section 63 - Amendment of section 206C

Section 64 - Amendment of section 206CCA

Section 65 - Amendment of section 234A

Section 66 - Amendment of section 234B

Section 67 - Insertion of new section 239A

Section 68 - Amendment of section 245MA

Section 69 - Amendment of section 246A

Section 70 - Amendment of section 248

Section 71 - Amendment of section 253

Section 72 - Amendment of section 255

Section 73 - Amendment of section 263

Section 74 - Amendment of section 271AAB

Section 75 - Amendment of section 271AAC

Section 76 - Amendment of section 271AAD

Section 77 - Insertion of new section 271AAE

Section 78 - Amendment of section 271C

Section 79 - Amendment of section 272A

Section 80 - Amendment of section 276AB

Section 81 - Amendment of section 276B

Section 82 - Amendment of section 276CC

Section 83 - Amendment of section 278A

Section 84 - Amendment of section 278AA

Section 85 - Substitution of new section for section 285B

Chapter IV - INDIRECT TAXES

Section 86 to 97 - Customs

Section 86 - Amendment of section 2

Section 87 - Substitution of new section for section 3

Section 88 - Amendment of section 5

Section 89 - Amendment of section 14

Section 90 - Amendment of section 28E

Section 91 - Amendment of section 28H

Section 92 - Amendment of section 28-I

Section 93 - Amendment of section 28J

Section 94 - Insertion of new section 110AA

Section 95 - Insertion of new section 135AA

Section 96 - Amendment of section 137

Section 97 - Validation of certain actions taken under Customs Act

Section 98 to 98 - Customs Tariff

Section 98 - Amendment of First Schedule

Section 99 to 99 - Excise

Section 99 - Amendment of Fourth Schedule

Section 100 to 118 - Central Goods and Services Tax

Section 100 - Amendment of section 16

Section 101 - Amendment of section 29

Section 102 - Amendment of section 34

Section 103 - Amendment of section 37

Section 104 - Substitution of new section for section 38

Section 105 - Amendment of section 39

Section 106 - Substitution of new section for section 41

Section 107 - Omission of sections 42, 43 and 43A

Section 108 - Amendment of section 47

Section 109 - Amendment of section 48

Section 110 - Amendment of section 49

Section 111 - Amendment of section 50

Section 112 - Amendment of section 52

Section 113 - Amendment of section 54

Section 114 - Amendment of section 168

Section 115 - Amendment of notification issued under section 146 of Central Goods and Services Tax Act read with section 20 of Integrated Goods and Services Tax Act, retrospectively

Section 116 - Amendment of notification issued under sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively

Section 117 - Retrospective exemption from, or levy or collection of central tax in certain cases

Section 118 - Retrospective effect to notification issued under sub-section (2) of section 7 of Central Goods and Services Tax Act

Section 119 to 121 - Integrated Goods and Services Tax

Section 119 - Amendment of notification issued under section 20 of Integrated Goods and Services Tax Act, read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively

Section 120 - Retrospective exemption from, or levy or collection of integrated tax in certain cases

Section 121 - Retrospective effect to notification issued under clause (i) of section 20 of Integrated Goods and Services Tax read with subsection (2) of section 7 of Central Goods and Services Tax Act

Section 122 to 124 - Union Territory Goods and Services Tax

Section 122 - Amendment of notification issued under section 21 of Union Territory Goods and Services Tax Act read with sub-sections (1) and (3) of section 50, sub-section (12) of section 54 and section 56 of Central Goods and Services Tax Act, retrospectively

Section 123 - Retrospective exemption from, or levy or collection of Union territory tax in certain cases

Section 124 - Retrospective effect to notification issued under clause (i) of section 21 of Union Territory Goods and Services Tax Act read with sub-section (2) of section 7 of Central Goods and Services Tax Act

Chapter V - MISCELLANEOUS

Part I - AMENDMENTS TO THE RESERVE BANK OF INDIA ACT, 1934

Section 125 - Amendment of Act 2 of 1934

Part II - AMENDMENT TO THE FINANCE ACT, 2001

Section 126 - Amendment of Seventh Schedule

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 SCHEDULE

Schedule VII - THE SEVENTH SCHEDULE

Schedule VIII - THE EIGHTH SCHEDULE

Schedule IX - THE NINTH SCHEDULE

Statement of Objects and Reasons - FINANCE ACT, 2022

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